Openet Telecom is to lay off 18 staff

Dublin company Openet Telecom is to lay off 18 staff from its Dublin Offices as part of a restructuring move to cut costs.

Openet recorded losses of €12.5m on revenues of €5.4m for the year ended June 30.

The company which was recently awarded the 2002 Product of the Year award from Technology Marketing Corporation's Internet Telephony Magazine has signed up a series of major contracts in recent weeks, including three year framework contract with Orange.

Openet Telecom is telecommunications software company specialising in billing mediation solutions. The company was established in 1999 and is headquartered in Dublin with offices in London, Paris, Rome, San Franscisco and Reston.