For Immediate Release:
OpenAir Grows Third Quarter 2004 Revenue
34% Over Third Quarter 2003
Achieves fourth consecutive quarter of profitability,
expands professional services staff
Boston, MA (December 1, 2004)OpenAir, the leading professional services automation (PSA) software provider, today reported results for the quarter ending September 30, 2004. Net revenue increased by 34% over the third quarter of 2003. OpenAir has now increased revenue for twenty-two consecutive quarters. The third quarter of 2004 also marked OpenAir's fourth consecutive quarter of GAAP profitability and the company was cash flow positive for the quarter.
Growth was driven by the addition of several new customers as well as increased penetration into existing organizations. Among the new customers that implemented OpenAir PSA in the third quarter were Oat Systems, EWS Railway, Demantra, and Macquarium.
"OpenAir's key benefit for services firms is the ability to improve profitability through improved staff utilization. In short, we help you keep people off the bench," said OpenAir CEO Morris Panner. "These new clients are a great example of OpenAir's ability to partner with customers to optimize operational processes and, ultimately, increases profitability."
Other highlights for Q3 2004:
> OpenAir hired additional professional services staff 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 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 significant integrations with major CRM packages, including salesforce.com, Siebel and Salesnet.
> OpenAir was again named to the ASP News Top 25 Global ASPs.
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 openair.com.
Contact : Randy Foster : OpenAir : 617-351-0284 : firstname.lastname@example.org