For Immediate Release:
OpenAir Achieves 46% Annual Revenue Growth and Nearly Triples Profits in 2005
Named to Deloitte Technology Fast 500 and Technology Fast 50 Program for New England
Boston, MA (February 3, 2006)OpenAir, the leading professional services automation (PSA) software provider, today reported results for the quarter and year ending December 31, 2005. Year-end net revenue and pre-tax income increased by 46% and 161%, respectively, over 2004. OpenAir has now increased revenue for 27 consecutive quarters and has achieved nine consecutive quarters of profitability. The Company has been cash flow positive for eight consecutive quarters.
"OpenAir's record financial performance continues to enhance our already strong financial and industry leadership position," said OpenAir CFO Thomas Brennan. "Our recent financial results position us to continue to invest in our business to fuel our rapid and profitable growth."
OpenAir's growth was driven by increased penetration into existing organizations as well as the addition of many new customers, bringing its total number of clients to more than 200.
"OpenAir's key benefit for services firms is the ability to improve profitability through improved staff utilization. In short, we keep your people off the bench," said OpenAir CEO Morris Panner. "Our 2005 financial results demonstrate our ability to partner with customers to optimize operational processes and, ultimately, increased profitability."
Other highlights for 2005:
- OpenAir was named to Deloitte's prestigious Technology Fast 50 Program for New England, a ranking of the 50 fastest growing technology companies in the area by Deloitte & Touche LLP. Additionally, OpenAir ranked Number 161 on the 2005 Deloitte Technology Fast 500, a ranking of the 500 fastest growing technology companies in North America.
- OpenAir hired additional client support, engineering and marketing personnel to improve OpenAir's implementation and training capabilities and respond to new growth opportunities.
- OpenAir and IBM continued a wide-ranging co-marketing effort targeting project and service-based businesses. OpenAir continues to work with IBM as an e-business partner.
- OpenAir expanded its relationship with salesforce.com to be a featured application on AppExchange.
- OpenAir became an inaugural partner of NetSuite's NetFlex Applications Program.
- OpenAir completed eight major upgrades to its professional services automation software, including enhancements to OpenAir's integration with salesforce.com, the ability to create invoices by task and reporting enhancements, strengthening OpenAir's reputation as the superior PSA application in overall solution satisfaction.
OpenAir is the Web-native professional services automation solution that helps independent software vendors, marketing services companies, consulting firms, and internal corporate service organizations increase top-line growth, improve operations and enhance financial controls. OpenAir customers increase profits by capturing additional billable hours, increasing employee utilization, streamlining project management, accelerating revenue, enhancing collaboration, improving revenue recognition and project accounting, and sharing knowledge and best practices throughout the organization. OpenAir has helped leading services organizations across six continents increase profits through the subscription-based OpenAir Complete solution. For additional information, visit www.openair.com.
OpenAir : 211 Congress Street : Boston, MA 02110