News - July, 2020
Munich/Luxembourg – July 23, 2020 – Cipio Partners announces the sale of its portfolio company Openet to Amdocs. The sale marks the 2nd exit of a portfolio company from Cipio Partners Fund VII.
Amdocs (NASDAQ: DOX), a leading provider of software and services to communications and media companies, today announced that it has entered into a definitive agreement to acquire Openet, a world-leading provider of 5G charging, policy and cloud technologies. The two companies are excited by the opportunity to bring Openet’s open and network-centric technologies to Amdocs’ 350+ service provider customers worldwide, helping them to succeed in the wave of 5G advancements around cloud, edge compute, IoT and new customer experiences.
“We are excited to join Amdocs, with whom we have been alongside at customers for many years and help bring fast value to service providers’ 5G plans. It is truly a momentous day for Openet and for all of our stakeholders,” said Niall Norton, Openet CEO. “Given the strong momentum of our business, this is an optimal time to be joining Amdocs. The calibre, resources and reach of Amdocs will bring significant and widespread opportunities across each of our disciplines.”
Christoph Wedegaertner, Director at Openet and Managing Partner with the company’s largest shareholder Cipio Partners commented: “We invested in Openet in 2017 to support the company’s 5G software vision. It has been an exciting journey and a real pleasure to be part of Openet’s board, helping the company’s founder and management team over the last three years in achieving this vision and securing a strong future for the company as part of the Amdocs Group.”
The Boards of Directors of Openet and Amdocs have approved the transaction for net consideration of approximately $180 million in cash which, subject to the satisfaction of the conditions to closing, is expected to be completed before the end of the fourth quarter of fiscal 2020.
About Cipio Partners
Founded in 2003, Cipio Partners is a leading investment management and advisory firm for European Growth Capital & Minority Buyouts for Technology Companies. Cipio Partners targets European growth stage technology businesses with €10-100 million in revenue and makes initial investments ranging from €3-10 million. Cipio Partners operates from offices in Luxembourg and Munich. Further information is available at www.cipiopartners.com
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