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NetSuite Acquires OpenAir for $26 Million

June 2, 2008

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BOSTON, (Reuters) - Business software maker NetSuite Inc (N.N: Quote, Profile, Research) said on Monday it plans to buy privately held OpenAir for about $26 million, causing it to report a larger loss this year than it had previously expected.

Boston-based OpenAir specializes in selling Internet-based software to consulting and professional services companies, an area where NetSuite wants to beef up its product line, NetSuite Chief Executive Zach Nelson said in an interview.

NetSuite, whose customers access its products via the Web, expects to post a full-year loss of 4 cents to 6 cents per share excluding items on revenue of $156 million to $159 million. It previously forecast a full-year loss of 1 cent to 4 cents per share on revenue of $154 million to $157 million.

Shares in the company, which held its initial public offering in December, fell 71 cents, or 3.1 percent, to $22.05 in morning trade on the New York Stock Exchange.

NetSuite plans to buy OpenAir for $26 million, net of cash on OpenAir’s balance sheet. NetSuite’s Nelson also said the economic slowdown in the United States is not hurting business. “(Sales) leads and (our) pipeline continue to grow faster than historically,” he told Reuters.

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Written by CRM Help Desk · Filed Under Press Releases 

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