Press Release

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, 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..

Jeff Hunt
Phone: 617-351-0230