Monday, June 2, 2008

NetSuite Buys OpenAir

San Mateo-based NetSuite said this morning that it is in a definitive agreement to acquire Boston-based OpenAir, a provider of software-as-service for professional services automation. Netsuite said it will pay approximately $26M in cash for the firm, as well as assuming $5M in restricted stock units. NetSuite said it will hire all of OpenAir's 56 employees, and will establish an East Coast headquarters in OpenAir's Boston offices. OpenAir's software is used to manage professional services billing, project management, and related areas.