Current Report

Exhibit 99.1

OPENWAVE REPORTS THIRD QUARTER FISCAL 2009 FINANCIAL RESULTS

REDWOOD CITY, CA – April 29, 2009 – Openwave Systems Inc. (Nasdaq: OPWV), one of the world’s leading software innovators enabling revenue-generating personalized services which converge the mobile and broadband experience, today announced that revenues for the third fiscal quarter ended March 31, 2009 were $44.7 million, compared with $48.1 million in the prior quarter ended December 31, 2008 and $47.0 million in the March quarter in the preceding year. Bookings for the quarter were $37.6 million.

“The pace of deal activity in our sector has slowed due to the macroeconomic environment; however, our customers are eager for more capacity and better intelligence tools,” said Ken Denman, CEO of Openwave. “While the carriers are slower to commit, they are showing increased interest and demand for our products. We are still observing strong consumer data demand and our customers’ networks are struggling to support the increase in traffic. Carriers may not be able to delay purchasing decisions much longer, and Openwave is ideally positioned to address a fundamental network need with our product set.”

On a GAAP basis, net loss for the third fiscal quarter ended March 31, 2009 was $7.8 million, or $0.09 per share, compared with $64.2 million, or $0.77 per share, in the prior quarter, and $14.7 million, or $0.18 per share, in the March quarter in the preceding year. GAAP net loss for the December quarter includes an impairment to goodwill of $59.5 million.

On a non-GAAP basis, net income, which excludes restructuring costs, the impairment of goodwill, amortization of intangibles and other acquisition-related costs, stock-based compensation, costs associated with the stock option lawsuit and special investigation, discontinued operations, and other-than-temporary impairment of investments, for the third quarter ended March 31, 2009 was $385,000, or $0.00 per share, compared with a net income of $1.4 million, or

(more)

$0.02 per share, in the prior quarter and a net loss of $7.2 million, or $0.09 per share, during the March quarter of the prior year. A reconciliation between net income (loss) on a GAAP basis and a non-GAAP basis is provided below in a table immediately following the Condensed Consolidated Statements of Operations.

Non-GAAP Measure

The company’s stated results include a non-GAAP measure, non-GAAP net income (loss). Non-GAAP net income (loss) excludes certain items since they are related to unique non-recurring events, such as, costs associated with the stock option lawsuit and special investigation. Additionally, non-GAAP net income (loss) excludes other items since they are non-cash items that other companies exclude, in order to compare Openwave with other companies, such as stock-based compensation, amortization of intangibles and acquisition-related costs, and other expenses. Non-GAAP net income (loss) also excludes items which would not be helpful to evaluate Openwave’s on-going business, such as restructuring costs and discontinued operations. Lastly, non-GAAP net income (loss) excludes expenses that relate to non-routine events, such as the impairment of goodwill, and retention bonuses related to strategic alternatives. Openwave considers non-GAAP net income (loss) to be an important measure because it provides a useful measure of the operational performance of Openwave and is used by Openwave’s management for that purpose. In addition, investors often use a measure such as this to evaluate the financial performance of a company. Non-GAAP net income (loss) results are presented for supplemental informational purposes only for understanding Openwave’s operating results. These non-GAAP results should not be considered a substitute for financial information presented in accordance with generally accepted accounting principles, and may be different from non-GAAP measures used by other companies.

(more)

Conference Call Information

Openwave has scheduled a conference call for 5:00 p.m. eastern time today to discuss its financial results for its third quarter ended March 31, 2009. Interested parties may access the conference call over the Internet through Openwave’s Web site at www.openwave.com or by telephone at (800) 289-0508 or (913) 312-1400 (international). A replay of the conference call will be available for two weeks beginning at approximately 8:00 p.m. eastern time today by calling 888-203-1112. The replay can be accessed internationally by calling 719-457-0820. Reservation number: 3489623.

A live Web cast of the call, together with supplemental financial information, will also be available on the Earnings & Metrics section of Openwave’s Web site at http://investor.Openwave.com. A replay will be available on the Web site for at least 12 months.

About Openwave

Openwave Systems Inc. (Nasdaq: OPWV) is one of the world’s leading innovators of software applications and infrastructure designed to enable revenue-generating, personalized services, including mobile analytics, content adaptation, mobile and broadband advertising, and a suite of unified messaging solutions.

As the communications industry intersects with the Internet, Openwave software enables service providers to converge services, increasing the value of their networks by accelerating time to market and reducing the cost and complexity associated with new service deployment. Openwave’s unique product portfolio provides a complete range of mobile internet service management, messaging, and location based solutions. Openwave is a global company with a blue chip customer base spanning North America, Latin America, Australia and New Zealand, Asia, Africa, Europe, and the Middle East. Openwave is headquartered in Redwood City, California. For more information please visit www.openwave.com .

Openwave is a trademark of Openwave Systems Inc. All other trademarks are the properties of their respective owners.

Cautionary Note Regarding Forward Looking Statements

The statements in this press release regarding Openwave’s belief that carriers may not be able to delay their purchasing decisions much longer and that Openwave’s products are well positioned to address carriers’ needs are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1943 and Section 27A of the Securities Act of 1933. These forward-looking statements are subject to many risks and uncertainties that could cause actual results to differ materially from those projected. Notwithstanding changes that may occur with respect to matters relating to any forward looking statements, Openwave assumes no obligation to update the forward-looking statements included in this press release.

In particular, the following factors, among others, could cause actual results to differ materially from those projected: (a) the ability to make changes in business strategy,

(more)

development plans and product offerings to respond to the needs of our current, new and potential customers, suppliers and strategic partners; (b) the ability to improve sales productivity; (c) the ability to continue to sell Openwave’s existing products and enhancements; (d) the ability to develop and commercialize new products; (e) risks associated with the development and licensing of software generally, including potential delays in software development and technical difficulties that may be encountered in the development or use of Openwave’s software; (f) increased global competition and pricing pressure on Openwave’s products; (g) the unknown effects of management changes; and (h) the loss of key personnel.

For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2008, its Quarterly Report on Form 10-Q for the period ended December 31, 2008 and any subsequently filed reports. All documents also are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov or from Openwave’s website at www.openwave.com.

(more)

(more)

(more)

(more)

###