Amdocs announced the acquisition of 5G cloud tech company Openet for $180 million in cash. The deal is expected to be completed before the end of the fourth fiscal quarter in 2020.
Amdocs is Israeli telecom billing and IT business systems company that provides software and services to communications and media companies in 85 countries.
Privately-owned company Openet is headquartered in Ireland and has offices in the US, Malaysia and Brazil. It develops 5G payment and billing solutions for cloud, edge computing, and Internet of Things. According to the press release, its annual revenue amounted to $70 million over the past two years.
Openet’s open and network-centric technologies will support more than 350 Amdocs’ customers from the communications industry to move to the cloud, writes Globes.
“The Openet solutions complement our portfolio and this acquisition is part of our mission to accelerate the industry’s move to the cloud,” emphasized the President and CEO of Amdocs Shuky Sheffer.
