For Immediate Release:
OpenAir Grows First Quarter 2004 Revenue 54% Over First Quarter 2003
Continues profitable and cash flow positive operation, expands Northeast regional sales staff
Boston, MA (May 3, 2004) OpenAir, the leading mid-market professional services automation (PSA) software provider, today reported results for the quarter ending March 31, 2004. OpenAir increased net revenue by 54% over the first quarter of 2003. OpenAir has increased revenue for twenty consecutive quarters. The first quarter of 2004 was OpenAir’s second consecutive profitable quarter, and the company was cash flow positive for the quarter. Growth was driven by the addition of new customers as well as increased penetration into existing customer organizations.
Ketera Technologies (www.ketera.com), the leading provider of 'on demand' Spend Management solutions, was among the new customers that implemented OpenAir PSA in the first quarter.
“OpenAir is the mission critical operational system that my professional services staff uses. We rely on OpenAir to provide actionable business intelligence on profitability, utilization and productivity across the enterprise, which drives the high ROI Ketera is realizing,” said Bill Phelps, Vice President of Professional Services at Ketera. “As a business service provider we know how important it is to deliver value quickly to clients. OpenAir’s PSA solution has already delivered on the promises of low total cost of ownership, high ROI and ease of implementation and use.”
“OpenAir continues to help our new and long-standing clients achieve five major benefits: keep staff working on billable projects, bill and collect cash more rapidly, identify and prioritize projects on which to work, gain superior business insight and visibility and focus on profitability,” said OpenAir CEO Morris Panner. “Ketera is a great example of OpenAir’s ability to partner with a company to optimize operational processes and, ultimately, profitability. Given their in-depth knowledge of the market and service delivery excellence, we were proud to be their choice.”
Other highlights for Q1 2004:
OpenAir hired additional sales staff in its Boston office to cover New England in response to growing demand for PSA solutions. OpenAir plans to open an additional New York City office in the Second Quarter.
OpenAir and IBM initiated a wide-ranging co-marketing effort targeting project- and service-based businesses. OpenAir continues to work with IBM as an e-business partner.
OpenAir completed two major upgrades to its professional services automation software including enhancements to project planning and management functionality, to reporting and business intelligence capabilities, to sales force automation features and to OpenAir’s industry-leading project accounting and revenue recognition functionality. Also released were enhanced versions of OpenAir for the Pocket PC®, OpenAir for the Palm® and OpenAir OffLine for use with the Microsoft® Windows® operating system.
OpenAir completed 50 updates to incorporate customer-requested functionality throughout the PSA solution, strengthening OpenAir’s reputation as the superior PSA application in overall solution satisfaction.
OpenAir was featured on BusinessFinanceMag.com, Business Finance Magazine’s Web site.
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.