For Immediate Release:
OpenAir Achieves 56% Annual Revenue Growth and Reaches Profitability in 2003
Adds 78 customers over the year, opens West Coast sales office
Boston, MA (February 6, 2004) OpenAir, the leading hosted professional services automation (PSA) software provider, today reported results for the year ending December 31, 2003. OpenAir increased net revenue by 56% over 2002, including boosting revenue by 64% in Q4 2003 over Q4 2002. In Q4 of 2003, OpenAir reached profitability and was cash flow positive. Growth in 2003 was driven by the addition of 78 new customers, 18 of them in Q4 2003, in service firms, embedded service organizations, and internal IT departments, as well as increased penetration into existing customer organizations. OpenAir has now increased revenue for nineteen consecutive quarters.
OpenAir’s rapid implementation and high quality software continued to drive customer satisfaction ratings to exceed all industry standards. “Hands down, this is the best piece of software we have ever worked with. OpenAir is the key operational system at ICS,” said John Carr, Vice President of Operations for Information and Computing Services, Inc., which selected and implemented OpenAir PSA in the fourth quarter. “I have one core mission – to boost the performance and profitability of our professional services organization. Implementing OpenAir was one of the best decisions I made in 2003,” ICS is one of the largest J.D. Edwards/PeopleSoft consultants and resellers in the U.S. With OpenAir, ICS reduced invoice cycle time by 80% and dramatically increased utilization and project profitability.
“OpenAir is the leader in Web-native development relying on the Software-as-a-Service methodology to extend our lead over traditional client/server PSA providers,” said OpenAir CEO Morris Panner. “We saw demand for PSA solutions grow sharply in 2003 and see it continue to grow rapidly in 2004. We have opened a West Coast sales office and look forward to expanding our leading PSA solution into new accounts as the market grows. We feel our share of the market will grow nicely because OpenAir provides a rapid return on investment unheard of in the traditional software industry.”
Other highlights for Q4 2003:
OpenAir was featured in Accounting Technology magazine, in Computer Reseller News magazine and in the AlwaysOn network.
OpenAir opened a West Coast sales office in response to growing demand for PSA solutions.
ASPnews named OpenAir a Top 25 Global Service Provider.
IBM and OpenAir continue to work closely together on sales, marketing and Linux-based Software-as-a-Service development efforts.
OpenAir completed three major upgrades to its professional services automation software including: project management, baselining and utilization features to serve embedded service organizations, and project accounting, multi-currency and reporting enhancements to serve stand alone service organizations. Also released were new versions of OpenAir for the Pocket PC and the flexible Integration Manager™ tool, including payroll integration enhancements.
OpenAir completed 44 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 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 over 700 companies across six continents increase profits through the subscription-based OpenAir® Complete solution. For additional information, visit www.openair.com.