Tuesday, June 3, 2008

OpenAir selling to California firm NetSuite for $26M

By Mass High Tech Staff

California software vendor NetSuite Inc. has agreed to acquire automation software maker OpenAir Inc. for about $26 million.

NetSuite, a vendor of on-demand business management software suites, will acquire Boston-based OpenAir in a deal scheduled to close this month, company officials said.

In addition to the $26 million, NetSuite would assume $5 million of restricted stock units to be held by the employees of OpenAir, which would continue to vest through mid-2010, officials said.

NetSuite plans to establish East Coast headquarters at OpenAir’s Congress Street location, and all 56 OpenAir employees are expected to become NetSuite employees, officials said.

OpenAir, founded in 1999, provides a hosted, on-demand software platform that organizations and consulting firms use to track the work of employees, teams and consultants.

NetSuite, founded in 1998, posted a $23.9 million net loss last year on $108.5 million in revenue.