OpenAir Achieves 40% Revenue Growth
OpenAir marks 28th consecutive quarter of revenue growth
Boston, MA (May 31, 2006)OpenAir, the leading professional services
automation (PSA) software provider, today reported results for the
quarter ending March 31, 2006. Quarter-end net revenue increased by
40% over the first quarter in 2005, while the company continued to
generate pre-tax profits and positive cash flow. OpenAir has now
increased revenue for 28 consecutive quarters and has achieved ten
consecutive quarters of profitability. The Company has been cash
flow positive for nine consecutive quarters.
"OpenAir's financial resultsgrowing revenue, continued
profitability and cash generationcontinue to strengthen our
financial and industry leadership position," said OpenAir CFO Thomas
Brennan. "Our robust financial performance enables us to continue to
invest in our business to fuel our rapid and profitable growth."
OpenAir's growth was driven by increased penetration into existing
organizations, an increase in process consulting services and the
addition of significant new customers, bringing its total number of
clients to more than 225 and number of users to more than 20,000.
"The growth in OpenAir's customer base shows how more and more
companies are adding value through improved staff utilization, time
tracking and project management. We continue to see OpenAir and the
capacities it brings as strategic necessities for service
organizations," said OpenAir CEO Morris Panner.
Other highlights for the first quarter of 2006:
OpenAir continued its broad-based expansion, hiring
additional sales, professional services, engineering and marketing
personnel to improve OpenAir's implementation and training
capabilities and respond to new growth opportunities.
OpenAir and IBM continued a wide-ranging co-marketing
effort targeting project and service-based businesses. OpenAir
continues to work with IBM as an e-business partner.
OpenAir expanded its relationship with salesforce.com,
launching a Time and Expense application on AppExchange
OpenAir became a founding sponsor of PSVillage, a website focused
on helping the senior management of IT professional
services/consulting services companies
OpenAir joined Technology Professional Services Association
(TPSA) and Network of Professional Services Organizations (NPSO)
OpenAir, based in Boston, 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 leading services
organizations across six continents increase profits through the
subscription-based OpenAir® Complete solution. For additional
information, visit www.openair.com .