Investee Company – Openet telecom (Ireland)
Investee Company Business Type – Provides scalable communications mediation solutions
Type of Financing – Expansion
Equity Providers – Benchmark Capital
Equity Leader (Individual) – Barry Maloney
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – euro22.8 million
Total Deal Value – euro22.8 million
Other Advisors – N/A
Comments – Benchmark Capital has invested euro22.8 million in Openet Telecom, an international communications mediation software company. The investment marks Openets second round of financing; its initial funding came in December 1999 from Cross Atlantic Capital Partners.
Established in July 1999 and with headquarters in Dublin, Ireland, Openet provides software for extracting customer usage data from telecommunications networks, supporting network operators’ business infrastructure such as billing, CRM, and fraud management.
The funding from Benchmark with be used to accelerate Openet’s global expansion and allow the additional sales and marketing resources required to enhance the International adoption of the company’s flagship product, FusionWorks.
Barry Maloney, general partner at Benchmark Capital, commented: “IDC has predicted that the mediation market will be valued at over $1 billion in 2005. The market dynamic, together with Openet’s strong technical approach, makes it a very attractive opportunity for Benchmark. In just two years, Openet has established itself in this fast growing area of telecommunications and at a time of immense turbulence in the market, has built a strong customer base including AT&T Wireless, BT Ignite, Essent and Nextra.”