Openet Raises $21 Million in Series D Funding
Series D Round Dedicated to Development of Distribution Channels and Product Development; Margaret Rice-Jones (Ex-CEO of Aircom International) to Join the Company Board
DUBLIN, IRELAND--(Korea Newswire) June 14, 2012 -- Openet, a global leader of high performance transaction management software for network operators today announced it has completed a $21 million funding round (EUR 16.9 million). The investment will enable Openet to serve accelerating customer demand by financing the development of direct and indirect distribution channels, product development, product management and deployment engineering.
This fourth funding round brings total investment in Openet since 1999 to approximately $55 million (EUR 44 million).
The Company also announced the appointment of Margaret Rice-Jones to the Openet Board. As the former CEO and executive director of Aircom International and a director of NewBay, Psion, Abacus Polar and Trivanti, Margaret has a strong track record of managing private and public companies through periods of significant growth and change. She also brings extensive knowledge of the global telecoms and wireless markets.
The Series D financing round was led by NS Solutions, a leading information technology solution provider in Japan and a subsidiary company of Nippon Steel. Existing investors including Balderton Capital, Cross Atlantic and Kreos Capital also participated in the round. The financing includes $16 million in equity funds and $5 million in long term debt.
“This funding round gives us additional flexibility to capitalize on our market opportunities,” said Niall Norton, chief executive officer of Openet. “The high level of interest from outside investors reflects the important role Openet's real-time transaction management solutions play for our customers as they compete in an increasingly dynamic and uncertain market.”
Gary Cuccio, chairman of Openet, added: “We are delighted that Margaret Rice-Jones is joining the board of Openet and will bring her considerable industry experience to help us continue to achieve our global strategic objectives. I look forward to working with Margaret as Openet employs its new funds and pursues its next stage of development.”
Barry Maloney, partner of Balderton Capital, an investor in Openet since 1999, commented: “Today‘s successful funding round and Margaret Rice-Jones’s appointment to Openet‘s board jointly reflect the Company’s market position as a leader in the global transaction management software market.”
Openet is a global leader of high performance transaction management software for network operators, delivering real time network engagement, insight, monetization, and control. Used by more than 80 customers in 28 countries, Operators use Openet to innovate how people, objects and services interact with their network. For more information, please visit www.openet.com.
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