On-demand ERP (enterprise resource planning) vendor NetSuite is purchasing OpenAir, maker of Web-based PPO (project portfolio management) and PSA (professional services automation) software, the company said Monday.
The deal will help NetSuite sell software to companies whose businesses are organized around projects, such as IT consulting and government contracting firms, NetSuite said.
NetSuite will pay $26 million for OpenAir, net of cash on the latter's balance sheet, according to a statement. The deal is expected to close in June.
The company's 56 employees will be hired on at NetSuite, and NetSuite plans to use the vendor's Boston office to create an East Coast presence.
NetSuite plans to sell OpenAir's products a la carte, as well as integrate them into the core ERP system later this year, and will continue developing OpenAir's technology "for a minimum of 10 years," according to a statement.
OpenAir's customers "will not be required to migrate to NetSuite products," the statement adds.
OpenAir has 300 customers and more than 40,000 active users of its software, according to a statement.
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