NetSuite, the software-as-a-service (SaaS) specialist has announced a deal to acquire OpenAir, a privately-owned company specialising in selling internet-based software to consulting and professional services companies.
The $26 million (13 million) cash deal for privately-owned OpenAir is due to be completed by the end of June, and will enable NetSuite, which floated for $1.6 billion (800 million) in December 2007, to extend its fledgling professional services arm as it looks to expand the reach and appeal of its products, particularly to larger enterprises and specialist vertical sectors such as healthcare and manufacturing.
"OpenAir is the leader in on-demand professional services automation software," said Zach Nelson, chief executive of NetSuite. "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."
As a result of the acquisition, NetSuite, which has customers and partners in the UK including Carphone Warehouse and the National Army Museum said it now expects to incur a full-year loss of 4-6 cents (2-4p) per share excluding one-off items on turnover of $156-159 million (78-79.5 million). Its previous guidance indicated a loss of 1-4 cents (0.5-2p) per share on turnover of 154-157 million (77-78.5 million).
