TELECOMS SOFTWARE firm Openet has refuted media reports suggesting that networking giant Cisco is considering launching a bid for the Irish company.
“What we can confirm is that Cisco is one of a number of strategic partners for our business,” said Openet chief executive Niall Norton. “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.”
The speculation was initially prompted by a research note from Avian Securities analyst Catharine Trebnick, which suggested Cisco was looking at an acquisition to strengthen its portfolio.
Ms Trebnick wrote that “industry contacts indicate” Cisco was going to move for Openet or its Canadian competitor Bridgewater.
Mr Norton said that as a private company, Openet had a policy of not commenting on market speculation regarding future company plans, but the volume of discussion this week meant it “felt a responsibility to our customers and partners to make an exception”.
With headquarters in Dublin, Openet has operations in the US, Malaysia, Brazil, the UK and Australia. Its customers are primarily large telcos such as BT, Orange, ATT and Verizon Wireless. It raised an additional €7.2 million in funding from Cross Atlantic Capital Partners and Enterprise Ireland earlier this year and had revenues of about €46.5 million in 2009.
