Ireland-based telecommunications software and services provider Openet has been bought by US-based media and communications consultancy Amdocs for an undisclosed amount, enabling steel producer Nippon Steel to exit.
Founded in 1999, Openet provides charging, network policy and data management software for the telecoms industry. Its technology will be folded into Amdocs’ service network to extend its capabilities in areas such as 5G, edge computing and the internet of things.
Openet had secured at least $55m of funding, including a $10.5m round closed in 2010 that was co-led by government-owned Enterprise Ireland and Cross Atlantic Capital Partners with participation from Balderton Capital.
Nippon Steel took part in the company’s $21m series D round in 2012 through IT-focused subsidiary NS Solutions. Balderton Capital, Cross Atlantic and Kreos Capital also contributed to the round, which consisted of $16m of equity and $5m in long-term debt financing.
Investment group Cipio Partners subsequently purchased a 14% stake in Openet in 2017 through a secondary deal, buying shares from Balderton and unnamed existing investors according to The Times.