Openet Telecom Cops $20M

DUBLIN, Ireland, and RESTON, Va. -- Openet Telecom, the world leader in convergent mediation, today announced the completion of a US$20 million equity fundraising with Benchmark Capital. This second-round funding will accelerate the company's global expansion and allow for additional sales and marketing programs to enhance the adoption of Openet's flagship product, FusionWorks(TM), in its international market. This is the first investment in an Irish company by Benchmark Capital and the largest investment by its European fund to date. Established in July 1999 and with world headquarters in Dublin, Ireland and U.S. headquarters in Reston, Va., Openet Telecom is a world leader in providing scalable mediation solutions that enable communication providers with diverse networks to easily implement, manage, and bill sophisticated services. Barry Maloney, General Partner at Benchmark Capital and on the Board of Openet said: "IDC has predicted that the mediation market will be valued at over US$1 billion in 2005. This 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 built a strong customer base at a time of immense turbulence in the market." Openet Telecom Inc.