Amdocs To Buy Openet

(RTTNews) - Amdocs (DOX), Thursday said it has agreed to buy Openet, a provider of 5G charging, policy and cloud technologies.

Openet and Amdocs have approved the transaction for net consideration of about $180 million in cash. The deal is expected to be completed before the end of the fourth quarter.

Openet is a privately-owned company headquartered in Ireland, with offices in the US, Malaysia and Brazil and a global customer base.

Openet has been generating in the past two calendar years revenue of roughly $70 million per annum.

"We are delighted the innovative Openet team is joining Amdocs. They bring world-class cloud-native capabilities, network pedigree, and deep 5G charging, policy and data management expertise," said Shuky Sheffer, President and Chief Executive Officer of Amdocs Management Limited. "The Openet solutions complement our portfolio and this acquisition is part of our mission to accelerate the industry's move to the cloud."