Amdocs is a prominent provider of software and services to communications and media companies. Presently they have that it has entered into a final agreement to obtain Openet.
FREMONT, CA: Amdocs, a prominent provider of software and services to communications and media companies, is set to acquire Openet, which is a world-leading provider of 5G charging, policy, and cloud technologies. The two organizations are thrilled by the prospect of bringing Openet's open and network-centric technologies to Amdocs' 350+ service provider customers worldwide. It will help them achieve success in the wave of 5G innovations around cloud, edge computing, IoT, and new customer experiences.
According to the President and Chief Executive Officer of Amdocs Management Limited, Shuky Sheffer "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. The Openet solutions complement our portfolio and this acquisition is part of our mission to accelerate the industry's move to the cloud."
Niall Norton, the CEO of Openet, said, "We are excited to join Amdocs, with whom we have been alongside at customers for many years, and help bring fast value to service providers' 5G plans. It is truly a momentous day for Openet and for all of our stakeholders. Given the strong momentum of our business this is an optimal time to be joining Amdocs. The caliber, resources and reach of Amdocs will bring significant and widespread opportunities across each of our disciplines."
Joe Hogan, Openet founder, and CTO said, "We have been on a 20-year journey in Openet to build a business of which we can all be proud." "In recent years, we have built new 5G products which are recognized 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."
Openet is a private company headquartered in Ireland. They also have their offices in the US, Malaysia, and Brazil and a global customer base.
Boards of Directors of Openet and Amdocs have accepted the transaction for net contemplation of approximately $180 million in cash. However, it is subject to the satisfaction of the conditions to closing, is estimated to be finished before the end of the fourth quarter of fiscal 2020(1). Openet has also been producing in the past two calendar years revenue of roughly $70 million per annum. The effect of the procurement on Amdocs' non-GAAP diluted earnings per share is anticipated to be unbiased in the full fiscal years 2020 and 2021, and accretive after that.