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March 16, 2000
OpenAir Closes $12.5 Million Round of Financing to
Expand Platform of Integrated Administrative Services
Fidelity Ventures and 3i Lead Second Round, i-Hatch Ventures
and Rex Capital Reinvest
Boston, MA -- March 16, 2000 -- OpenAir (formerly TimeBills.com), a trusted Web-
based platform, providing integrated Internet Business Services that
efficiently and economically streamline business processes,
announced the completion of a $12.5 million round of financing.
Funds will be used to continue service expansion, both domestically
and abroad. OpenAir (www.OpenAir) expedites the
capture and circulation of data across many key administrative
functions including client billing, project management, expense
reimbursement and payroll.
Fidelity Ventures, which is actively making investments in the small
and medium sized B-to-B market space, and 3i, a leading
international venture capital company with US offices in Palo
Alto, Calif. and Waltham, MA, led the group of financiers. The
financing also includes previous TimeBills' investors i-Hatch
Ventures, a venture capital firm based in New York, and Rex
Capital, a Rhode Island venture fund.
"The power of the OpenAir platform is in its integration of
services. Independent niche applications interrupt the flow of data
because they are not designed to work together," said Bill O'Farrell,
CEO and Co-Founder of OpenAir. "This second round of
funding will allow us to deploy additional services that communicate
seamlessly with one another, enabling businesses to drive revenue
more efficiently."
The market for OpenAir services is large and growing.
According to the International Data Corporation (IDC), an IT
research firm, the small business market will reach nearly 37 million
by 2002 and spend $71.2 billion on IT products by 2002.
"Providing businesses with numerous independent solutions will not
optimize office processes," said Eric Lass of Fidelity Ventures. "We
selected OpenAir because it provides interconnected solutions
to common administrative problems - not a collection of stand-alone
applications."
More than 15,000 businesses with 20,000 users currently utilize
OpenAir to remove the frustration associated with
administrative tasks, freeing companies to concentrate on generating
revenue. By centralizing billable hours, payroll, expense
reimbursement and time sheets on a Web-based platform, companies
not only simplify these processes, but also gain analytical tools to
enhance profitability.
"Success in the new millennium will largely depend on businesses'
ability to leverage resources efficiently," said Martin Gagen,
President and CEO of 3i in the United States. "OpenAir
underscores this philosophy by efficiently automating time
consuming tasks, thereby freeing human capital to concentrate on
core competencies."
About OpenAir
OpenAir, founded in 1999, is a trusted Web-based platform of
integrated services that efficiently and economically streamlines
business processes. Headquartered in Boston, OpenAir
expedites the circulation of company information through a network
of linked administrative services. Sole practitioners have free access
to OpenAir's invoicing, time tracking and expense
management service. Business travelers use OpenAir to input
expenses as they incur them where they are approved and
reimbursed. By centralizing billable hours, expenses and time
attendance, managers use OpenAir to track profitability on a
per-employee basis..
Contact
Jeff Hunt
OpenAir
Phone: 617-351-0230
jeffhunt@openair.com
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