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Nucleus Research is an information technology research firm specializing in investigative research and the return on investment (ROI) analysis of technology deployments. The firm uses ROI case studies as its research approach and has published more than 400 case studies in various market segments. The company is based in Boston, Massachusetts.
Founded in 2000, Nucleus Research publishes ongoing technology research following an investigative, case-based approach rather than traditional analyst opinions. Launched by Ian Campbell and Rebecca Wettemann, the company provides insight into the financial value of technology to both vendors and users of technology. The firm is registered with the National Association of State Boards of Accountancy and as of 2011 is the only technology research firm registered with that organization.
Since 2003, Nucleus has sponsored the Annual Technology ROI Awards (www.roiawards.com) which recognizes the top 10 technology deployments in terms of return on investment realized.
The company gained notoriety by publishing a number of controversial investigative research reports:
In 2002, the company published a report stating that 61% of customers listed as reference customers on Siebel’s Web site had not achieved a positive return on investment from their Siebel deployments,  creating news coverage of the topic and Nucleus’s research approach  .
In 2003, the company published a similar report examining SAP deployments and finding 57% of SAP’s reference customers had not achieved a positive ROI,  creating controversy with SAP .
In 2006, the company investigated the advertising claim by SAP that its customers were 32% more profitable than their peers and published a report finding customers were actually 20% less profitable , generating industry response  .
Ian Campbell, President and Chief Executive Officer
Rebecca Wettemann, Vice President, Research
David Brown, Vice President, Sales and Operations
 “Nucleus Evaluates the Real ROI from Siebel Reference Customers.” (http://nucleusresearch.com/news/press-releases/nucleus-evaluates-the-real-roi-from-siebel-reference-customers/) Nucleus Research 2002-09-23. “Nucleus Research study also finds Siebel installations cost $18,000/user per year; Reference customers cite exorbitant license, consulting and maintenance costs as key ROI inhibitors.”
 “Nucleus Research, Siebel Spat.” (http://www.destinationcrm.com/Articles/ReadArticle.aspx?ArticleID=45318) DestinationCRM 2002-09-25.
 “Survey slams Siebel; company fires back.” (http://www.computerworld.com.au/article/31473/survey_slams_siebel_company_fires_back/) ComputerWorld 2002-09-25.
 "Nucleus Research finds 57 percent of SAP Reference Customers have not achieved a Positive ROI.” (http://nucleusresearch.com/news/press-releases/nucleus-research-finds-57-percent-of-sap-reference-customers-have-not-achieved-a-positive-roi/) Nucleus Research. 2003-03-31. Retrieved 2009-03-08. "Customers will see benefits after lengthy implementations, but many deployments anchored down by excessive consulting costs."
 “Nucleus Research Deemed Presumptuous.” (http://www.destinationcrm.com/Articles/ReadArticle.aspx?ArticleID=44868) DestinationCRM 2003-03-31.
 “SAP Customers are 20 Percent Less Profitable than Their Peers - Despite SAP Marketing Claims.” (http://nucleusresearch.com/news/press-releases/sap-customers-are-20-percent-less-profitable-than-their-peers-despite-sap-marketing-claims/) Nucleus Research 2006-03-07.
 “Nucleus to SAP: Gotcha!“ (http://www.businessweek.com/the_thread/techbeat/archives/2006/03/nucleus_to_sap_1.html) Business Week 2006-03-13.
 “Does SAP sap profits?” (http://www.roughtype.com/archives/2006/03/does_sap_sap_pr.php) Rough Type 2006-03-03.