November 1, 2002
OpenAir Achieves Record Revenues in 3rd Quarter
Adds 24 new mid-market customers and grows net revenue by 19% vs. Q2
Boston, MA (November 1, 2002) OpenAir, the leading professional services automation (PSA) software provider, today reported record third quarter results for the period ending September 30, 2002. In the third quarter of 2002 OpenAir increased net revenue by 19% over the second quarter of 2002 and by 96% over the third quarter of 2001. OpenAir has now increased revenue every quarter for fourteen consecutive quarters.
Revenue growth came from the addition of 24 new customers and from increasing contract value with three existing customers who deployed OpenAir to additional divisions within the company. OpenAir added new customers across a range of industries where it already has a strong customer base, including consulting firms, independent software vendors, and PR/marketing services firms. New customers included ISO Healthcare Consulting, an Interpublic Group company, Alias Wavefront, a division of Silicon Graphics Limited, Eyretel plc (London: EYR), and Silicon Energy Corp.
"We are gratified to continue to win the confidence of customers who themselves are competing and winning in a tough global economy. Our customers recognize that OpenAir is the clearest solution to help them measure, manage and improve key profit drivers," CEO Morris Panner said. "The OpenAir business process consulting team ensures that implementing OpenAir PSA software is a fast, affordable way to improve business processes for profit growth, automate these processes, and report on results."
Mark de Vere White, Silicon Energy’s VP of Professional and Managed Services explained, "OpenAir is a very effective way for project team members to track information related to project financials and for managers to get comprehensive reporting on project status and profitability. Because it integrates cleanly with our Great Plains® accounting software, we now have a complete system for project management, project accounting, and billing."
New customer Eyretel chose OpenAir over other software vendors because they felt it represented the best value on the market. Michael Leinweber, Vice President of Eyretel Professional Services for North America said, "None of the PSA products on the market met our needs completely, but OpenAir set themselves apart by working with us to understand our needs, translating them into product features, and quickly implementing those changes. As a result we got the exact solution we needed at a fraction of the cost one would expect to pay for a customized system."
OpenAir also added a number of smaller firms who chose OpenAir primarily for its platform independence. Darren Mauro of BigBad, Inc. explained, "Our creative staff uses the Mac. Our developers use Windows. OpenAir has given us a browser-based solution that is effective on both platforms."
Other highlights for Q2’02:
- OpenAir launched the Integration ManagerTM software for QuickBooks, an XML-based connector enables bi-directional data transfer between OpenAir and the leading business accounting software package.
- OpenAir significantly increased contract value with three existing customers who purchased additional modules and/or seats.
- OpenAir completed three major product updates to deepen its project estimating, project accounting, resource management, and business intelligence functionality.
- OpenAir completed 22 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 make more money through increasing top-line growth, improving operations and 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 600 companies across six continents increase profits through the subscription-based OpenAir® Complete solution. For additional information, visit www.openair.com.