Dublin software firm Openet has completed a €7.2 million fundraising led by Cross Atlantic Capital Partners and Enterprise Ireland, and announced turnover grew by 50 per cent during 2009, reports John Collins.

Based on its 2008 accounts, when it had revenues of €31 million, Openet turned over about €46.5 million in 2009.

Chief executive Niall Norton said the company had sought investment to go after the “opportunities that are presenting now”.

“We would be constrained if we could only invest capital thrown off by the business,” said Mr Norton. “We want to invest ahead of the curve”.

He said the money would be primarily used to expand the sales and distribution capability of Openet and for product development.

Last year Openet added 100 staff, half of which were in the Asia Pacific region, bringing total staff numbers to 412. Mr Norton said he expects this figure to pass 500 by the year end with jobs in Ireland, the US and Asia.

Openet produces software that helps telecoms companies introduce new services and generate revenues from them.