Tuesday, June 03, 2008

OpenAir to be Acquired by NetSuite for $26 Million - Boston, MA

OpenAir, a privately held provider of project management software for professional services firms, has agreed to be acquired by NetSuite, a California-based provider of business management software, for $26 million in cash. All 56 OpenAir employees are expected to become NetSuite employees and continue in their current roles after the acquisition, the company said. In addition, NetSuite will establish an East Coast headquarters in OpenAir's Boston location, and will continue to invest in OpenAir's software product lines "for a minimum of ten years," according to the announcement. OpenAir has more than 40,000 active users across 300 firms that use its software to capture billable time, manage projects and resources, and bill customers. OpenAir's investors include Fidelity Capital, 3i, i-Hatch Ventures, Rex Capital.



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