SOURCE: OpenAir

November 14, 2007 12:03 ET

OpenAir Reports Record Q3 Financial Results

BOSTON, MA--(Marketwire - November 14, 2007) - OpenAir, the world's leading provider of on-demand professional services automation (PSA) and project portfolio management (PPM) solutions, announced the achievement of record revenue growth for the quarter ending September 30, 2007.

OpenAir's revenue grew 44% over the same period last year, while profitability and cash-flow doubled. This marks OpenAir's 34th consecutive quarter of revenue growth and fourth year of consistent profitability.

"OpenAir's market-leading solution and powerful financial model continue to deliver strong results for our customers. Our ability to simultaneously deliver and invest in growth leaves us well-positioned to continue our track record of success," said OpenAir CFO Tom Brennan.

OpenAir's growth continues to be driven across vast market sectors, with increasing exposure in the global enterprise space responsible for much of the growth. As the market for on-demand services optimization software grows, OpenAir is well-positioned as the market leader for this segment.

"Our large investment in building customer-focused organization is paying off as OpenAir continues to prove itself as a superior alternative to traditional client-server enterprise systems," said Morris Panner, CEO. "Our continued, profitable growth is a testament to the commitment to be the most trusted software vendor for our customers."

Highlights from the quarter:

--  OpenAir reached 34,000 active users on its platform, representing over
    200 companies of all sizes
--  OpenAir was named to the Deloitte & Touche Fast 50 for New England
    (#42) and the Fast 500 for North America (#386)
--  OpenAir's CEO was named co-Chair of the SIIA Software Division
    

About OpenAir

Based in Boston, OpenAir Professional Services Automation (PSA) software enables professional services firms to gain controls and insight on their financial best practices. OpenAir empowers executives to track projects, teams, and billable hours for improving employee utilization and to streamline project management. OpenAir Consulting provides both expert deployment advice on the OpenAir product as well as Services Best Practices Consulting as part of the OpenAir Optimize™ Services Program. Relying on a highly experienced team of former Bain, Accenture, Deloitte, Cambridge Technology Partners and Mercer consultants, OpenAir has developed comprehensive programs for both the Software-as-a-Service (SaaS) deployment paradigm as well as for the services vertical industries. OpenAir has helped leading services organizations across six continents increase profits through its subscription-based solution. For additional information, please visit www.openair.com.

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