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March 28, 2000
TimeBills.com Changes Name to OpenAir to Reflect Expansion of
Web-Native Business Services
Fidelity Leads $12.5 Million Funding Round For Expansion
BOSTON (March 28, 2000) -- OpenAir, formerly called
TimeBills.com, is expanding its Web-based platform of seamlessly
integrated services. The name change is being implemented as
OpenAir (www.OpenAir) continues to offer new services such
as payroll and adds more powerful features to existing services.
Launched in June of 1999, OpenAir is now used by more than
15,000 businesses to drive revenue and circulate data more
efficiently without the frustration associated with common business
tasks.
All new services will work in conjunction with current offerings
such as employee attendance analysis, online travel expense
reporting and approval, time tracking and billing, automated payroll
and expense reimbursement, as well as invoice delivery.
"OpenAir is thrilled that the demand for a broader range of
services has grown so quickly as to necessitate a name change," said
Bill O¹Farrell, President and CEO of OpenAir. "Our $12.5 million
round of funding will enable us to better serve both growing and
established companies."
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 TimeBills¹ investors i-Hatch Ventures, a venture
capital firm based in New York, and Rex Capital, a Rhode Island
venture fund.
"OpenAir provides the applications and services necessary to
either build or remodel the corporate business infrastructure," said
Dan Walsh, VP of Sales for OpenAir. "Our Web-native applications
and services provide the rapid scalability growing businesses demand
while saving valuable network management and administration time."
Linked Service Network
OpenAir automates common business tasks while maintaining data
consistency throughout a linked network of business services.
OpenAir is free for the first five employees per company and a
nominal fee per user thereafter.
With Expense Reports, employees can create and submit expense
reports and receive approval for reimbursement online. Employees get
paid faster, and companies save money and time usually wasted
generating, circulating, processing and filing paper reports.
Approved expenses can be automatically added to employee paychecks
through an automated payroll, provided by Powerpay.com, a Ceridian
company [NYSE: CEN].
With Time Sheets, employees can track their time and attendance,
allowing managers to evaluate profitability and plan projects with
greater accuracy. Employee time and expenses can also be added to
client invoices, which can be manipulated and marked up or down for
billing, while keeping accurate records for management.
Users can e-mail, fax or mail their own invoices or outsource the
printing, addressing, stamping and mailing of invoices via the EZ
Invoice service, an efficient and hassle-free way to send clients a
two-page 8.5 x 11" invoice, return envelope and a pre-addressed
perforated payment stub. After receiving three free invoices,
members pay $1.65 for each additional invoice. An international
version adjusts tax, currency and address format country to
country.
Available 24 hours a day, seven days a week, OpenAir supports
all major Internet browsers and is easily accessed from any
Internet-equipped computer. All data is backed up on
state-of-the-art servers, encrypted, password protected and only
accessible to the OpenAir user.
About OpenAir
OpenAir, founded in 1999 as Timebills.com, 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. More than 20,000
professionals currently utilize OpenAir to remove the frustration
associated with common business tasks and drive revenue more
efficiently.
Contact
Jeff Hunt
OpenAir
Phone: 617-351-0230
jeffhunt@openair.com
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