Openet cuts losses in half and raises €6m

Billing software firm takes strategic action in response to competition from cheaper services made by firms like Google

8th December, 2019
Openet cuts losses in half and raises €6m
Niall Norton, CEO Openet

Openet Telecom cut its losses in half last year and raised almost €6 million as it sought to counter a slowdown in its business.

The company, which makes billing software for the telecoms industry, said it faced challenges from the likes of Google, Facebook and Amazon which were developing cheaper subscription services that customers were using.

The company made a pre-tax loss of €13.2 million in 2018, down from €27 million in the previous year...

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