Openet acquires software company
Openet said last night that it would acquire all of Sepro’s technology, intellectual property rights and customer contracts. A number of Sepro staff will also transfer to Openet Although the company's did not disclose the price, one analyst said it was likely to be around 10m.
John Rainger, chief executive of Openet said in a statement: “We grew our revenue 76% in our last fiscal year, and this acquisition will allow us to fuel our revenue growth still further. We have achieved this at a price point and in a timescale that we could not have matched through internal development.” According to recently filed accounts, Openet’s revenues fell from 8.9m in June 2001 to 5.4m the following year with losses increasing to 12.5m. Late last year Openet laid off some of its 100 employees.
