NetSuite to Snap Up QuickArrowBy eChannelLine | Posted 2009-07-24 Email Print
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NetSuite plans to integrate QuickArrow into its OpenAir business to create a larger professional services automation (PSA) software company that would have more than 80,000 subscribers.
Consolidation in the software-as-a-service (SaaS) market continues. This time, NetSuite has signed a definitive agreement to acquire QuickArrow, a SaaS vendor targeting professional services businesses, for $20 million (US) in cash.
Assuming the acquisition is completed, NetSuite plans to integrate QuickArrow into its OpenAir business to create a larger professional services automation (PSA) software company that would have more than 80,000 subscribers. The acquisition would also further advance NetSuite's next-generation cloud computing application suite for services-based companies, the vendor stated.
"Underlying both the QuickArrow and the OpenAir acquisition is NetSuite's strategic commitment to lead the business application revolution taking place in the services sector," said Morris Panner, CEO of OpenAir, in a statement. "Together, we have the resources and the platform to realize a vision to serve the global services economy of tomorrow."