EXHIBIT 99.1

OPENWAVE REPORTS THIRD QUARTER FISCAL 2010 FINANCIAL RESULTS

REDWOOD CITY, CA – April 28, 2010 – Openwave Systems Inc. (Nasdaq: OPWV), a global software innovator delivering context-aware mediation and messaging solutions, today announced that revenues for the third fiscal quarter ended March 31, 2010 were $40.1 million, compared with $49.7 million in the prior quarter ended December 31, 2009 and $44.7 million in the March quarter in the preceding fiscal year. Bookings for the third quarter of fiscal 2010 were $41.1 million. The company ended the quarter with $123.6 million in cash and investments.

“Openwave has made demonstrable progress to date in fiscal 2010, and we’re on the path to improve bookings as compared to fiscal 2009,” said Ken Denman, CEO of Openwave. “With the recent releases of our video optimization, policy management and analytics products, we are seeking to capitalize on new opportunities to help carriers manage and monetize their capacity constrained networks. We’re prudently engaged in building the sales pipeline and improving the fundamentals of the business.”

On a GAAP basis, net loss for the third fiscal quarter ended March 31, 2010 was $4.2 million or $0.05 per share, compared with a net income of $213,000, or $0.00 per share, in the prior quarter and a net loss of $7.8 million, or $0.09 per share, in the March quarter in the preceding year.

On a non-GAAP basis, net loss for the third fiscal quarter ended March 31, 2010 was $2.0 million, or $0.02 per share, compared with a net income of $3.5 million or $0.04 per share, in the prior quarter and a net income of $386,000, or $0.00 per share, during the March quarter of the prior year. Non-GAAP net income (loss) excludes restructuring, impairments, amortization of intangibles and stock-based compensation, amounts

associated with certain unusual events, discontinued operations, realized losses on auction rate securities and the tax impact of these items.

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 the non-GAAP measures: non-GAAP net income (loss) and non-GAAP net income (loss) per share. These non-GAAP measures exclude certain items that generally are non-recurring events. Additionally, these non-GAAP measures exclude other items that are non-cash items that many other companies exclude, in order to compare Openwave with other companies, such as stock-based compensation and amortization of intangibles. These non-GAAP measures also exclude items which management does not consider in evaluating Openwave’s on-going business, such as restructuring costs, impairments, and discontinued operations. 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 measures such as these to in evaluating the financial performance of a company. These non-GAAP measures 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.

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, 2010. Interested parties may access the conference call over the Internet through Openwave’s Web site at www.openwave.com or by telephone at (877) 941-1427 or (480) 629-9664 (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 800-406-7325. The replay can be accessed internationally by calling 303-590-3030. Reservation number: 4259698.

A live webcast 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 three months.

About Openwave

Openwave Systems Inc. (Nasdaq: OPWV) is a global software innovator delivering context-aware mediation and messaging solutions that enable communication service providers and the broader ecosystem to create and deliver smarter services.

Building on its mobile data heritage, Openwave mobilizes the Internet with predictive solutions fueled by real-time analytics that mediate among different ecosystem elements, comprehensively enhancing modes of IP traffic. The result can provide customers with a 360-degree view of their network, devices and services, and enables them to proactively optimize network resources, quickly launch smart mobile services, and provide a contextually relevant user experience.

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 and the Openwave logo are trademarks 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 in Mr. Denman’s quote with respect to future events or expectations 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 current economic climate may impede the growth of wireless data demand; and (b) Openwave may not be able to make changes in business strategy, development plans and product offerings to respond to any changes in wireless demand needs of its customers.

For a detailed discussion of these and other factors that may cause these forward looking statements not to come true, please refer to the risk factors discussed in the Openwave’s filings with the U.S. Securities and Exchange Commission (“SEC”), including the company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2009 and quarterly report on Form 10-Q for the period ended December 31, 2009. These documents 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.

For More Information: Investor Relations Mike Bishop The Blueshirt Group mike@blueshirtgroup.com Tel: 415-217-4968 Public Relations Vikki Herrera Openwave Systems Inc. vikki.Herrera@openwave.com Tel: 650-480-6753

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OPENWAVE SYSTEMS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS-UNAUDITED

(In thousands)

	March 31, 2010		June 30, 2009
Assets
Current Assets:
Cash, cash equivalents and short-term investments	$	108,998	$	109,082
Accounts receivable, net		25,724		31,107
Prepaid and other current assets		18,736		26,801
Total current assets		153,458		166,990
Property and equipment, net		8,353		11,566
Long-term investments and restricted cash and investments		14,601		17,618
Deposits and other assets		7,756		8,313
Goodwill		267		—
Intangible assets, net		2,620		3,880
Total assets	$	187,055	$	208,367
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable	$	3,531	$	5,348
Accrued liabilities		19,596		23,079
Accrued restructuring costs		14,707		15,327
Deferred revenue		36,784		38,349
Total current liabilities		74,618		82,103
Accrued restructuring costs, less current portion		26,560		34,843
Deferred revenue, less current portion		6,655		11,901
Deferred rent obligations and long-term taxes payable		4,697		6,824
Total liabilities		112,530		135,671
Stockholders’ equity		74,525		72,696
Total liabilities and stockholders’ equity	$	187,055	$	208,367

OPENWAVE SYSTEMS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS-UNAUDITED

(In thousands, except per share data)

	Three Months Ended									Nine Months Ended
	March 31, 2010			December 31, 2009			March 31, 2009			March 31, 2010			March 31, 2009
Revenues:
License	$	12,546		$	13,283		$	16,690		$	36,254		$	44,866
Maintenance and support		15,224			16,168			15,420			47,190			47,715
Services		12,333			20,291			12,542			56,243			51,180
Total revenues		40,103			49,742			44,652			139,687			143,761
Cost of revenues:
License		51			255			295			535			1,924
Maintenance and support		4,438			4,658			4,220			13,413			12,968
Services		9,565			15,075			10,540			42,413			38,426
Amortization of intangible assets		420			420			654			1,260			2,886
Total cost of revenues		14,474			20,408			15,709			57,621			56,204
Gross profit		25,629			29,334			28,943			82,066			87,557
Operating Expenses:
Research and development		10,679			9,667			11,013			30,210			35,102
Sales and marketing		11,030			11,052			9,931			32,793			30,707
General and administrative		6,555			6,710			7,810			21,190			26,238
Restructuring and other related costs		1,984			1,353			5,061			3,759			7,391
Impairment of goodwill and amortization		—			—			46			—			59,867
Total operating expenses		30,248			28,782			33,861			87,952			159,305
Operating income (loss) from continuing operations		(4,619	)		552			(4,918	)		(5,886	)		(71,748	)
Interest and other income (expense), net		1,471			(220	)		(2,259	)		42			(10,191	)
Pre-tax income (loss) from continuing operations		(3,148	)		332			(7,177	)		(5,844	)		(81,939	)
Income taxes		1,053			119			590			1,670			2,122
Net income (loss) from continuing operations		(4,201	)		213			(7,767	)		(7,514	)		(84,061	)
Discontinued operations, net of tax		—			—			—			4,516			1,629
Net income (loss)	$	(4,201	)	$	213		$	(7,767	)	$	(2,998	)	$	(82,432	)
Diluted net income (loss) per share from:
Continuing operations	$	(0.05	)	$	—		$	(0.09	)	$	(0.09	)	$	(1.01	)
Discontinued operations		—			—			—			0.05			0.02
Net income (loss) per share	$	(0.05	)	$	—		$	(0.09	)	$	(0.04	)	$	(0.99	)
Shares used in basic net income (loss) per share		83,559			83,408			83,023			83,420			82,882
Shares used in diluted net income (loss) per share		83,559			84,910			83,023			83,420			82,882
Stock-based compensation by category:
Maintenance and support	$	38		$	32		$	53		$	108		$	160
Services		60			36			59			172			404
Research and development		96			42			205			236			832
Sales and marketing		137			127			152			410			450
General and administrative		210			201			237			600			760
	$	541		$	438		$	706		$	1,526		$	2,606

OPENWAVE SYSTEMS INC.

RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS)

(In thousands, except per share data)

	Three Months Ended									Nine Months Ended
	March 31, 2010			December 31, 2009			March 31, 2009			March 31, 2010			March 31, 2009
Reconciliation between GAAP and Non-GAAP net income (loss):
Net income (loss)	$	(4,201	)	$	213		$	(7,767	)	$	(2,998	)	$	(82,432	)
Exclude:
Restructuring and other related costs		1,984			1,353			5,061			3,759			7,391
Impairment of goodwill and amortization		420			420			700			1,260			62,753
Amortization of stock-based compensation		541			438			706			1,526			2,606
Amounts associated with unusual events(a)		(986	)		503			207			(139	)		2,954
Discontinued operations, net		—			—			—			(4,516	)		(1,629	)
Realized losses and other-than-temporary impairments of investments		236			651			1,612			2,272			9,780
Tax impact of reconciling items(b)		(41	)		(51	)		(133	)		(143	)		(693	)
Non-GAAP net income (loss)	$	(2,047	)	$	3,527		$	386		$	1,021		$	730
Diluted GAAP net income (loss) per share	$	(0.05	)	$	—		$	(0.09	)	$	(0.04	)	$	(0.99	)
Exclude:
Restructuring and other related costs	$	0.02		$	0.01		$	0.05		$	0.03		$	0.08
Impairment of goodwill and amortization	$	0.01		$	—		$	0.01		$	0.01		$	0.76
Amortization of stock-based compensation	$	0.01		$	0.01		$	0.01		$	0.03		$	0.03
Amounts associated with unusual events(a)	$	(0.01	)	$	0.01		$	—		$	—		$	0.04
Discontinued operations, net	$	—		$	—		$	—		$	(0.05	)	$	(0.02	)
Realized losses and other-than-temporary impairments of investments	$	—		$	0.01		$	0.02		$	0.03		$	0.12
Tax impact of reconciling items(b)	$	—		$	—		$	—		$	—		$	(0.01	)
Diluted non-GAAP net income (loss) per share	$	(0.02	)	$	0.04		$	—		$	0.01		$	0.01
Shares used in computing diluted earnings per share		83,559			84,910			83,025			85,101			82,899

(a) Relates to legal fees regarding lawsuits and other unusual events, net of insurance reimbursements.

(b) The tax impact relates to tax benefits related to amortization of intangibles and stock-based compensation.

OPENWAVE SYSTEMS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-UNAUDITED

(in thousands)

	Three Months Ended									Nine Months Ended
	March 31, 2010			December 31, 2009			March 31, 2009			March 31, 2010			March 31, 2009
Operating activities:
Net income (loss)	$	(4,201	)	$	213		$	(7,767	)	$	(2,998	)	$	(82,432	)
Gain on sale of discontinued operation		—			—			—			(4,516	)		(2,000	)
Reconciling items:
Depreciation, amortization of intangibles and stock-based compensation		2,209			2,361			2,970			7,018			10,520
Non-cash restructuring charges		403			550			410			1,344			1,521
Provision for (recovery of) doubtful accounts		(145	)		(350	)		(151	)		(464	)		(316	)
Other non-cash items, net		317			1,126			79			1,530			289
Payment of legal settlement, net of insurance reimbursement		—			—			—			—			(5,000	)
Realized losses and other-than-temporary impairments of investments		236			651			1,612			2,272			9,780
Goodwill impairment		—			—			—			—			59,517
Changes in operating assets and liabilities		(2,168	)		1,715			8,822			(10,058	)		3,659
Net cash provided by (used for) operating activities		(3,349	)		6,266			5,975			(5,872	)		(4,462	)
Investing activities:
Purchases of property and equipment, net		(1,072	)		(314	)		(1,772	)		(1,993	)		(2,272	)
Sale of discontinued operation, net		—			—			75			4,516			11,709
Proceeds of investments, net		(7,481	)		(20,728	)		1,069			(28,909	)		20,302
Maturities of restricted cash and investments, net		9			(10	)		16,745			418			16,745
Net cash provided by (used for) investing activities		(8,544	)		(21,052	)		16,117			(25,968	)		46,484
Financing activities:
Payment on notes payable		—			—			—			—			(150,000	)
Fees on line of credit		(200	)		—			(245	)		(200	)		(245	)
Net proceeds from issuance of common stock		91			169			—			341			73
Cash provided by (used for) financing activities		(109	)		169			(245	)		141			(150,172	)
Net increase (decrease) in cash and cash equivalents		(12,002	)		(14,617	)		21,847			(31,699	)		(108,150	)
Cash and cash equivalents at beginning of period		71,848			86,465			66,153			91,545			196,150
Cash and cash equivalents at end of period, including discontinued operations	$	59,846		$	71,848		$	88,000		$	59,846		$	88,000