Balderton Capital et al. in $16m round for Openet

The funding round was led by Japanese corporate NS Solutions, a subsidiary of Nippon Steel. All three private equity backers had already invested in the company.

In addition to the $16m of equity, Openet also raised $5m in long-term debt as part of the funding round.

The new capital will support Openet in catering to client demand and developing direct and indirect distribution channels. Openet has received $55m from investors since 1999.

Company
Openet is a Dublin-based provider of performance transaction management software for network operators. Openet serves more than 80 clients in 28 countries.

People
Following the deal, Margaret Rice-Jones will join the Openet board. Niall Norton is chief executive of the company. Barry Maloney, partner, led the investment on behalf of Balderton Capital.

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