The company was founded in 1999 by Joe Hogan and Declan Conway, both ex-Retix Ireland employees. It received its initial funding from Cross Atlantic Technology Fund (XATF), which invested US$2.7 million for a 13.0% stake.[1]
As of 2013, it had more than 900 employees and more than 80 customers in 32 countries.[citation needed] By 2011, Openet reportedly had an 11 percent share of the wireless policy management software market.[2] Openet's product suite consists of Policy Manager, Evolved Charging, Interaction Gateway and Convergent Mediation.[3] Respondents to a December 2012 survey by Infonetics Research identified Openet, Tekelec and Huawei as the top three policy management vendors.[4]
In August 2010, Amdocs initiated a legal complaint against Openet, alleging the company violated two of its patents. Two additional patents were added to the case in January 2011. In the United States, a Virginia District judge Leonie Brinkema ruled in Openet's favour in February 2012, finding that Openet did not infringe on Amdocs' patents.[5] The judgment was reversed on appeal in Amdocs (Israel) Ltd. v. Openet Telecom, Inc. and case was settled in April 2018.[6]
In July 2020, Amdocs announced its plan to acquire Openet. The boards of directors of Openet and Amdocs approved the transaction for net consideration of approximately $180 million in cash which, subject to the satisfaction of the conditions to closing.[citation needed] The acquisition had completed by August 2020.[7]
