February 5, 2003
OpenAir Doubles Revenues in 2002
Closes year with a record quarter, adding 17 new customers in the fourth quarter
Boston, MA (February 5, 2003) OpenAir, the leading professional services automation (PSA) software provider, today reported results for the calendar year ending December 31, 2002. OpenAir increased net revenue by 111% over the prior calendar year. OpenAir has now increased revenue every quarter for fifteen consecutive quarters.
OpenAir CEO Morris Panner attributes the company’s success last year to two key strengths, an award-winning mission critical application and deep expertise in business process consulting. "In 2002 companies were understandably risk-averse in their technology investments, limiting them to areas that were essential for the success of the business and that could produce a rapid, measurable return. Our web-native solution requires no upfront investment in hardware or software, so our customers see returns much faster than with traditional software. And since business systems can be only as effective as the processes they support, we also provide world-class business process consulting to make sure our customers reap the potential benefits of OpenAir. As a result, our customers routinely realize ROIs approaching 1000% in the first year alone."
New customer Digitas (NASDAQ: DTAS) echoed this sentiment. Brian Roberts, Senior Vice President and Corporate Controller at Digitas, explained the importance of PSA to his company, "The linking of our organizational assets and our staffing to revenue forecasts and profitability is at the core of what we do. I'd argue it's as important as our ERP system.” He added that the OpenAir model made the decision easier. "Instead of buying, we're renting. When we did a payback analysis, to go the traditional licensing route, it would have been 3-4 years before even nearing breakeven. Instead it was a matter of months." Vice President of IT at Digitas Erik Dubovik, who along with Roberts led the implementation across Digitas’ 1200 employees, commented on the business process consulting, "Openair has been instrumental in helping us identify, synthesize and translate complex business processes into workable solutions."
Other highlights for Q4’02:
- IBM awarded OpenAir its Linux Solution Spotlight based on its successful global deployment of its solution to software firm Matrikon, Inc. (TSE: MTK)
- The OpenAir deployment at Digitas was profiled by analyst firm IDC as a successful example of linking software applications with business process.
- OpenAir completed three major product updates to deepen its project estimating, project accounting, resource management, and business intelligence functionality.
- OpenAir completed 26 minor updates to incorporate customer-requested functionality throughout the PSA solution.
OpenAir is the Web-native professional services automation solution that helps independent software vendors, marketing services companies, consulting firms, and internal corporate service organizations make more money through increasing top-line growth, improving operations and 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 over 600 companies across six continents increase profits through the subscription-based OpenAir® Complete solution. For additional information, visit www.openair.com.