For Immediate Release:
OpenAir Continues Record Revenue Growth in Third Quarter of 2003
Adds 16 new customers, reaches operating profitability and strengthens critical IBM partnership
Boston, MA (October 31, 2003)
OpenAir, the leading mid-market professional services automation (PSA) software provider, today reported results for the quarter ending September 30, 2003. OpenAir increased net revenue by 51% over the third quarter of 2002 and by 9% over the prior quarter. Q3 growth was driven by the addition of 16 new customers in service firms, embedded service organizations, and internal IT departments, as well as increased penetration into existing customer organizations. OpenAir has now increased revenue for eighteen consecutive quarters and achieved operating profitability.
Among OpenAir’s new Q3 '03 customers was Alpine Systems, Inc., a leading provider of client/server ERP and end-to-end software solutions for the manufacturing industry. “After a comprehensive search, we selected OpenAir for our PSA solution for three reasons: comprehensive functionality, ease of use and faster return on investment due to the lower entry/setup cost. Now that we are live on the system, we have not been disappointed. OpenAir has measured up to or exceeded our expectations. I've been particularly pleased with the quality of the implementation services we received and the prompt and accurate responses we've had from customer support," explained Russell Card, Alpine’s Vice President of Finance and Operations.
“OpenAir continues to forge ahead with new customer wins because our PSA software solution provides bottom-line benefits to our customers,“ said OpenAir CEO Morris Panner. “We have already completed implementation at all 16 customers won in the third quarter. Because of our fast installation, they have started to realize the revenue and profitability increases and cost reductions that OpenAir can help deliver, providing a rapid return on investment unheard of in the traditional software industry.”
OpenAir and IBM also announced new marketing initiatives in the on-demand software model for small and medium businesses. "We are gratified that IBM has continued to strengthen its ties to us and recognize us as a leader in the on-demand and software-as-a service market.”
Other highlights for Q3 ’03:
OpenAir customer Digitas was featured in an Aberdeen Group analyst Webcast on “PSA on Demand” (to view and hear the Webcast, navigate to http://www.aberdeen.com/ab_company/events/psa0903.htm ).
OpenAir continues to work closely with IBM Small- and Medium-sized Business Group to resell OpenAir through the IBM channel.
OpenAir completed three major upgrades to its professional services automation software including Pocket PC time and expense entry, forecasting enhancements, invoice layout options, new interactive employee utilization reports, and project accounting and revenue recognition enhancements.
OpenAir completed 36 minor updates to incorporate customer-requested functionality throughout the PSA solution.
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.