|Public (NYSE: N)|
|Headquarters||San Mateo, California, United States|
|Zachary (Zach) Nelson (CEO)
Evan Goldberg (Chairman / CTO)
Lawrence (Larry) J. Ellison Stakeholder
|Services||Web-based business management software|
|Revenue||US$741.1 million (2015)|
|(US$115.6) million (2013)|
|(US$124.7) million (2015)|
Number of employees
|4,603 (December 2015)|
NetSuite Inc. is an American cloud computing company based in San Mateo, California, that sells an eponymous group of software services used to manage a business's operations and customer relations. Customers can access these services over the internet, through most internet browsers, ensuring access from anywhere in the world. NetSuite's services are aimed at small to medium-sized businesses, although larger enterprises can also benefit from the consolidated ERP, CRM and e-commerce features. The company was acquired by Oracle Corporation in late 2016.
NetSuite was founded in 1998 by Evan Goldberg as NetLedger, web-hosted accounting software. Oracle licensed the software under the banner of The Oracle Small Business Suite for a short time before that was cancelled. Goldberg is current chairman and chief technology officer.
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.
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. Though NetSuite has shown a 149% increase in revenue in the five-year period from 2009 to 2014  it has incurred annual operating losses since inception.
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.
On July 28, 2016, Oracle announced it had reached an agreement to acquire NetSuite for $9.3 billion. The transaction is expected to complete in late-2016.
Relationship with Oracle Corporation
Even prior to the July 28, 2016 announcement that Oracle Corporation would acquire NetSuite Inc., the two firms shared a close relationship.
In 1998 Evan Goldberg received approximately $125 million in initial financial backing from Larry Ellison, founder and chief executive officer of Oracle Corporation through Ellison's venture capital entity Tako Ventures. Other initial investors were StarVest Partners ADP and UBS PaineWebber. The NetSuite software also relies on database software licensed from Oracle.
Ellison and family members own approximately 47.4% of NetSuite's common stock as of December 31, 2014. The firm's 10-Q filing on March 2, 2015, states that "Mr. Ellison is able to exercise control over approval of significant corporate transactions, including a change of control or liquidation."
NetSuite groups its services into four main suites plus NetSuite OneWorld:
- 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.
- 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.
- Professional services automation (PSA) - NetSuite PSA manages the operations of service-based, project-oriented businesses.
- 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.
- 2008: OpenAir – Web based timesheets and expense reports
- 2009: QuickArrow – Web based Professional Services Automation application
- 2013: Retail Anywhere – Retail e-commerce software
- 2013: TribeHR – Human resource software for small to medium-sized businesses
- 2013: LightCMS – Content management software
- 2014: Venda – Retail e-commerce software
- 2014: eBizNET solutions – Advanced Warehouse Management
- 2015: Bronto Software – Email Service Provider
- Accounting software
- Applicant Tracking System
- Comparison of accounting software
- Customer Relationship Management
- Comparison of CRM systems
- Enterprise Resource Planning
- Human Resource Management System
- Professional Services Automation
- Comparison of PSA systems
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