NetSuite

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NetSuite Inc.
Public (NYSE: N)
Industry Computer software
Founded California (1998)
Headquarters San Mateo, California, United States
Key people
 Zachary (Zach) Nelson (CEO)
Evan Goldberg (Chairman / CTO)
Lawrence (Larry) J. Ellison Stakeholder
Services Web-based business management software
Revenue Increase US$741.1 million (2015)[1]
Decrease (US$115.6) million (2013)[1]
Decrease (US$124.7) million (2015)[1]
Number of employees
 4,603 (December 2015)[2]

NetSuite Inc. is an American software company based in San Mateo, California, that sells an eponymous group of software services used to manage a business's operations and customer relations.[3] Customers access these services over the internet paying a periodic subscription fee. NetSuite's services are primarily aimed at medium- to enterprise-sized businesses.[4]

History

NetSuite was founded in 1998 by Evan Goldberg as NetLedger, web-hosted accounting software. NetLedger was later renamed to Oracle Small Business Suite and finally NetSuite.[5] Goldberg is current chairman and chief technology officer.[2]

On January 4, 2007, NetSuite named Moneyball General Manager Billy Beane of Major League Baseball's Oakland A's to its board of directors. Evan Goldberg cited Beane's ability to combine facts with instinct as an important factor in the decision to involve him in the company.[6]

NetSuite became a publicly traded company after its initial public offering (IPO) of 6.2 million shares on the New York Stock Exchange in December 2007.[7] Though NetSuite has shown a 149% increase in revenue in the five-year period from 2009 to 2014 [8] it has incurred annual operating losses since inception.[2]

NetSuite had 2,550 employees as of March 31, 2014, a 31% increase over March 31, 2013, when it had 1,953. One quarter of its employees are based in its Philippine office. NetSuite has additional offices in Denver, Las Vegas, Austin, Chicago, Atlanta, New York, Boston, Toronto, the UK, Spain, the Czech Republic, Japan, Hong Kong, Singapore, Australia and Uruguay.[2]

Larry Ellison & Oracle

In 1998 Evan Goldberg received approximately $125 million in initial financial backing from Larry Ellison,[9] founder and chief executive officer of Oracle Corp through Ellison's venture capital entity Tako Ventures.[10] Other initial investors were StarVest Partners[11] ADP and UBS PaineWebber.[12]

Ellison and family members own approximately 48.1% of NetSuite's common stock as of March 31, 2014. The firm's 10-Q filing for March 31, 2014, states that "Mr. Ellison is able to exercise control over approval of significant corporate transactions, including a change of control or liquidation."[2]

In 2013 Ellison entered into a nine-year partnership between Oracle Corp and Salesforce.com, a direct NetSuite CRM competitor, to integrate their web-based platforms.[13]

NetSuite relies on database software licensed from Oracle. There is a risk that this software may not be available at a commercially viable price and it cannot be easily replaced.[2]

Products

NetSuite groups its services into four main suites plus NetSuite OneWorld:[citation needed]

  • Enterprise resource planning (ERP) - NetSuite ERP supports back office operations which includes financial, human resources, orders, inventory, shipping and billing. The product earned PC Magazine's Editor's Choice in 2013.[14]
  • Customer relationship management (CRM) – NetSuite CRM supports sales, marketing operations and customer insights.
  • E-commerce - SuiteCommerce is intended as a platform for online sales and integration with traditional phone and Point of Sale (POS) sales. SuiteCommerce platform is currently in use by over 1600 websites online.[15]
  • Professional services automation (PSA) - NetSuite PSA manages the operations of service-based, project-oriented businesses.[16]
  • NetSuite OneWorld offers the above services plus additional capabilities for multinational companies such as the ability to manage multiple subsidiaries, currencies, accounting standards and tax requirements.[17]

Acquisitions

  • 2008: OpenAir – Web based timesheets and expense reports[18]
  • 2009: QuickArrow – Web based Professional Services Automation application
  • 2013: Retail Anywhere – Retail e-commerce software[19]
  • 2013: TribeHR – Human resource software for small to medium-sized businesses[20]
  • 2013: LightCMS – Content management software[21]
  • 2014: Venda – Retail e-commerce software[22]
  • 2014: eBizNET solutions – Advanced Warehouse Management[23]
  • 2015: Bronto Software – Email Service Provider[24][25]

Awards

  • June 2014: Forbes magazine's list of Most Innovative Growth Companies[26]

See also

References

  1. ↑ 1.0 1.1 1.2 Lua error in package.lua at line 80: module 'strict' not found.
  2. ↑ 2.0 2.1 2.2 2.3 2.4 2.5 Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  4. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  10. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  11. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  12. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  13. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  14. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  15. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  16. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  17. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  18. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  19. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  20. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  21. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  22. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  23. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  24. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  25. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  26. ↑ Lua error in package.lua at line 80: module 'strict' not found. Forbes, June 2014

External links

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