Openet is a privately-owned company headquartered in Ireland, with offices in the US, Malaysia and Brazil and a global customer base. Its open and network-centric technologies will now be offered to Amdocs’ 350 service provider customers worldwide.
The Boards of Directors of Openet and Amdocs have approved the transaction for net consideration of approximately $180 million in cash which, subject to the satisfaction of the conditions to closing, is expected to be completed before the end of the fourth quarter of fiscal 2020.
“We are delighted the innovative Openet team is joining Amdocs. They bring world-class cloud-native capabilities, network pedigree, and deep 5G charging, policy and data management expertise,” said Shuky Sheffer, president and chief executive officer of Amdocs. “The Openet solutions complement our portfolio and this acquisition is part of our mission to accelerate the industry’s move to the cloud.”
Joe Hogan, Openet founder and CTO, added, “We have been on a 20-year journey in Openet to build a business of which we can all be proud,” said. “In recent years, we have built new 5G products which are recognised worldwide for their innovation and modern open, cloud-native architecture. We all look forward to the combined technology strengths of Openet and Amdocs creating new opportunities for service providers at this exciting time of 5G adoption.”
Further information relating to this acquisition will be provided on Amdocs’ earnings conference call for the third quarter of fiscal 2020 on August 5, 2020 at 5:00 p.m. Eastern Time.