Irish communications and media software and services provider, Openet, has been bought by US firm Amdocs for $180m.

The takeover by the Nasdaq listed company is expected to be completed before the end of the fourth quarter of this year.

Openet was founded 20 years ago by Joe Hogan, who currently serves as its Chief Technology Officer.

It specialises in providing charging, policy and data management software to customers including AT&T, Orange, T-Mobile and Vodafone.

"We have been on a 20-year journey in Openet to build a business of which we can all be proud," Mr Hogan said.

"In recent years, we have built new 5G products which are recognised worldwide for their innovation and modern open, cloud-native architecture."

"We all look forward to the combined technology strengths of Openet and Amdocs creating new opportunities for service providers at this exciting time of 5G adoption."

Openet has its headquarters here in Ireland as well as offices in the US, Malaysia and Brazil.

In each of the last two years it has had revenue of around $70m.

It is 37% owned by Cipio Partners, with investment fund Taggia holding 18%, senior management and staff 17% and Cross Atlantic Partners 9%.

It was also backed by Enterprise Ireland which holds 2%, with other investors owning the balance of 17%.

Based in St Louis, Amdocs specialises in software and services for communication, media and financial firms.

It serves more than 350 service providers around the world and had revenues of $4.1bn last year.

"We are delighted the innovative Openet team is joining Amdocs," said Shuky Sheffer, President and CEO of Amdocs Management Ltd.

"They bring world-class cloud-native capabilities, network pedigree, and deep 5G charging, policy and data management expertise."
"The Openet solutions complement our portfolio and this acquisition is part of our mission to accelerate the industry's move to the cloud."

Openet said the timing of the takeover was optimal as the business is experiencing strong momentum.

It was advised in the deal by Capnua and Arthur Cox.