NetSuite agrees to buy Open Air of Boston
NetSuite Inc. of California said today that it has agreed to acquire OpenAir Inc., a Boston provider of on-demand professional services automation software.
NetSuite said it has agreed to pay approximately $26 million in cash, net of cash on the balance sheet of OpenAir. In addition, at closing, NetSuite said it will assume approximately $5 million of restricted stock units that will be held by the employees of OpenAir and which will continue to vest through mid-2010.
This acquisition brings together two of the industry’s leading providers of cloud computing business applications, NetSuite said.
Cloud computing generally means that a company relies on remote data centers to perform important business tasks rather than on computers located on company premises.
NetSuite said in a statement: "All 56 OpenAir employees are expected to become NetSuite employees and continue in their current roles upon close of the acquisition. In addition, NetSuite will establish an East Coast headquarters in OpenAir’s Boston location and will continue to invest in the current OpenAir software solutions for a minimum of 10 years. OpenAir customers will not be required to migrate to NetSuite products."
(By Chris Reidy, Globe staff)
