NetSuite, Inc. Acquires OpenAir for $26,000,000

  • Feed Type
  • Date
    6/2/2008
  • Company Name
    OpenAir
  • Mailing Address
    211 Congress St. Boston, MA 02110
  • Company Description
    OpenAir is a leading provider of Software-as-a-Service (SaaS) services automation management software. Offering both Professional Services Automation (PSA) and Project Portfolio Management (PPM) solutions, OpenAir provides project-based organizations and firms the tools they need to help grow their businesses quickly and profitably.
  • Website
    http://www.openair.com
  • Transaction Type
    M&A
  • Transaction Amount
    $26,000,000
  • Transaction Round
  • Proceeds Purposes
  • M&A Terms
    NetSuite has agreed to pay approximately $26 million in cash, net of cash on the balance sheet of OpenAir. In addition, at closing NetSuite will assume approximately $5 million of restricted stock units that will be held by the employees of OpenAir and which will continue to vest through mid-2010.

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