|| NetSuite Inc. manufactures an on-demand and integrated business application suite which includes Accounting/Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and Ecommerce functionality to medium-sized businesses and divisions of large companies. The Company’s products, including NetSuite, NetSuite OneWorld and NetSuite CRM+, are designed as an enterprise-wide business software suite delivered over the Internet as a subscription using the SaaS model.
||The company, then called NetLedger, was founded in 1998 by the current chairman and CTO, Evan Goldberg, with financing from Oracle founder and CEO Larry Ellison.
||Founded in 1998 the company originally delivered a small business accounting software application. The accounting system was integrated with the Oracle 8i e-business suite and hosted through Oracle Business OnLine. After a few years of slow growth and difficulty in gaining market recognition, NetSuite obtained some muscle by partnering with its chief investor (Larry Ellison) and rebranding its on-demand software as the Oracle Small Business Suite (SBS) in 2001. While the two software companies maintained a marketing and revenue sharing partnership, NetSuite was not owned or an operating subsidiary of Oracle. In June 2004, the three year marketing arrangement lapsed, the Oracle Small Business Suite on-demand service provided by NetSuite was rebranded as NetSuite Small Business Suite and NetSuite set out to create its own identity (although Larry Ellison, then both Chairman and CEO of Oracle, retained his more than 50 percent ownership in NetSuite).
In December 2007 NetSuite completed a successful initial public offering (IPO), selling about 10 percent of the company in a Dutch auction method and getting listed on the NYSE:N.
In April 2008, NetSuite launched OneWorld, an on-demand system to empower global business management and financial consolidation capabilities. OneWorld permits multi-company organizations to manage companies with multiple subsidiaries, business units and legal entities from a single NetSuite account while accommodating multiple currencies, languages, taxation rules and reporting requirements.
In June 2008, NetSuite acquired Boston-based OpenAir—a maker of professional services automation (PSA) software—for $26 million in a cash deal. This acquisition gave NetSuite its deepest vertical market solution.
In October 2010, the company released NetSuite OneWorld PH, a fully localized version of NetSuite OneWorld and the first cloud-based ERP suite for the Philippine market.
Today the company delivers an enterprise-wide business software system which includes accounting and finance, distribution and supply chain management, manufacturing, e-commerce, customer relationship management, web site management and human resources software.
||Public, NYSE: N
||Evan Goldberg, Chairman & CTO
Evan Goldberg cofounded NetSuite (then called NetLedger), has been a member of the company's board of directors since October 1998 and Chairman of the board since January 2003. From October 1998 through January 2003, Goldberg held various positions, including President and CEO and CTO. Prior to joining NetSuite, Goldberg was the founder and CEO of mBed Software, a software maker of multimedia tools for website developers, from November 1995 to September 1998. From August 1987 to November 1995, Goldberg held various positions in the product and software development group at Oracle, including VP of Development in the New Media Division. He holds a B.A. from Harvard College.
Zach Nelson, President & CEO
Zachary (Zach) A. Nelson is President, CEO and Director of NetSuite. He has been a member of the company's board since July 2002 and has served as the company's President and CEO since January 2003. Prior, Nelson served as the company's President and COO from July 2002 to January 2003. From March 1996 to October 2001, Nelson was employed by Network Associates, Inc. (now McAfee, Inc.), an enterprise software and security company. While at Network Associates, Nelson held various positions, including Chief Strategy Officer and President and CEO of MyCIO.com, a subsidiary that provided on-demand software security solutions. From 1992 to 1996, he held various positions, including VP of Worldwide Marketing, at Oracle. He holds B.S. and M.A. degrees from Stanford University.
||The company counts over 7,000 customers, most of them small and midsize businesses. The NetSuite ideal customer profile is the middle market company, or subsidiary of a large enterprise organization, who desires a single SaaS business application for both front office (CRM) and back office (ERP) operations. NetSuite marquee customers include Groupon, Isuzu, Qualcomm and SuccessFactors.
NetSuite is a global product available in 14 languages, and regionally localized with the following international capabilities:
- UK: VAT processing support, VAT 100 report, UK settlement discount
- Australia: Business Activity Statement, Australia tax code list, full support of GST
- Canada: GST34 report, full support of GST/PST
- Japan: application in Japanese
- Brazil: Specific accounting localization
- United States: GAAP VSOE and revenue recognition, EITF 08-01
||Primary NetSuite competitors include the following:
- For customers seeking both ERP and CRM software as a service (SaaS) solutions, primary competitors include SAP's Business ByDesign and Salesforce.com with one of its three integrated accounting/ERP partners of FinancialForce.com, Intacct or Workday.
- For customers seeking cloud CRM, primary competitors include Dynamics CRM, Oracle's CRM on Demand, Salesforce.com and SugarCRM.
- For customers seeking traditional accounting or ERP systems, primary competitors include Sage and Microsoft Dynamics AX, Nav, GP and SL.