Openet denies possible acquisition by Cisco
By Gavin Daly
Openet, one of Ireland’s biggest software firms, has distanced itself from industry speculation that it could be bought by US networking giant Cisco.
Openet, which has 530 staff and revenues of about €45 million, has a strategic partnership with Cisco and last year struck a €10 million deal with the American firm.
In a research note last week, an analyst at Avian Securities in the US said that Openet and Canadian firm Bridgewater Systems were targets for Cisco.
‘‘We believe Cisco is looking at these assets to enhance their offerings for 3G and 4G networks,” wrote analyst Catharine Trebnick. ‘‘This is in line with the company’s mobile video strategy.”
She said that Openet and Cisco has recently won a contract with Orange France for a system that allows parents to manage children’s wireless usage. However, Niall Norton, chief executive of Openet, said that the company was ‘‘not currently involved in acquisition discussions’’ with any firm.
Openet makes billing and rating software for phone and cable operators and Norton said it was ‘‘not surprising’’ that companies such as Cisco would see Openet as a potential takeover target.
Earlier this year, Openet raised more than €7 million in funding, bringing its total backing to about €40 million.
