Openet: No M&A Talks Underway

Openet addresses market speculation regarding future business plans

May 27, 2010

1 Min Read

DUBLIN -- Openet today proactively addressed the recent public discourse regarding its future, which this week has included a rumored speculation that the Company is an acquisition target of Cisco. This speculation was first published by Avian Securities senior research analyst Catharine Trebnick in a research note released on May 26.

Openet is a leader in a high-growth market that is of increasingly strategic importance to wireless, wireline and cable operators, which are experiencing a dramatic evolution in their markets brought about by over the top content, applications and devices and the increased usage that results on networks. Openet provides the solutions that enable operators to view this evolution as an opportunity rather than a threat. Thus, it’s not surprising to Openet that larger firms that provide network and back office infrastructure to these operators would see the company as a potential acquisition target.

“As a private company, Openet maintains a policy of not commenting on market speculation regarding future company plans, which include elements such as mergers and acquisitions. However, given the volume of discussion this week, we felt a responsibility to our customers and partners to make an exception,” said Niall Norton, Openet CEO. “What we can confirm is that Cisco is one of a number of strategic partners for our business. However, Openet is not currently involved in acquisition discussions; rather, our top priority is to focus on the growth of our business and our leadership in this market. Cisco has been a valuable partner, and we look forward to growing that relationship with the expansion of our business.”

Openet Telecom Ltd.

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