Netsuite buys professional services automation company OpenAir for $26M
Netsuite, the online business management software company, said it has acquired Boston’s OpenAir for $26 million in cash. OpenAire offers customers a way to manage professional services, including billable time and project management.
The acquisition of OpenAir, which will become Netsuite’s East Coast office, includes $5 million of restricted stock held by OpenAir employees that will continue to vest through mid-2010.
OpenAir had raised at least $16 million, from investors including Fidelity Capital, 3i, i-Hatch Ventures and Rex Capital. The company was founded in 1999, so the acquisition price isn’t exactly a big return for investors – though I haven’t been able to confirm when exactly the firms invested. Still, OpenAir says it has 300 customers.
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