When you say “open source,” do you simply mean free software, or do you mean “I need / prefer to see the source”?
Please note that your decision will depend on the nature of your project. There are many free development / project sites that require your project to be open source and free / open to the public.
You can also choose a specific hosting platform based on the language that you use to develop the project. For example, CodePlex (http://www.codeplex.com/) is a site hosting .Net open source projects, and Java.Net (http://community.java.net/projects/) contains projects Java
Other answers to your question are solid, here is what I have used or used in the past:
Great JetBrains TeamCity continuous build tool . (http://www.jetbrains.com/teamcity/) The tool has built-in support for many build tools, as well as for creating Visual Studio solutions out of the box. It is free for groups of 20 or less developers. It also has many features out of the box and can be launched for you in minutes - an extremely low learning curve without reducing the possibilities.
A useful SVN repository that is free for two developers and saves you time setting up and administer your own SVN Unfuddle repository . (http://www.unfuddle.com) Unfuddle also has additional paid features and basic task tracking.
Another paid source repository is ProjectLocker ( http://www.projectlocker.com ), which has low-cost SVN repositories and Trac integration for task management.
A useful task tracking tool is Remember milk ( http://www.rememberthemilk.com ) - it doesn’t work on tickets like Trac, it’s not only for tracking projects, but also allows you to send e-mail to each other, and also have common task lists. I also point out this, because the product itself is being developed by a distributed development team, and you can try sending them to them by mail. :-)
All the best for your team!
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