NetSuite has agreed to pay $26 million in cash for OpenAir, a provider of on-demand professional services automation software, and establish an East Coast headquarters in OpenAir's Boston offices.
All 56 OpenAir employees will become NetSuite employees. NetSuite also committed to investing in OpenAir's current products for at least another decade. The company said that OpenAir's technology will help NetSuite accelerate development of products specifically designed for services companies, such as accounting firms.
"The services industry is one of the fastest growing in the world, and the combination of NetSuite and OpenAir will enable us to accelerate our time to market and deliver a feature-rich, fully integrated, on-demand suite specifically designed for time-and-project-based companies," said NetSuite CEO Zach Nelson in a statement.
The deal is expected to close in June 2008.
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