Innovative companies run on Netsuite
NetSuite Inc. (San Mateo, CA, USA) an industry leading provider of cloud-based financials / ERP and omnichannel commerce software suites, have announced that innovative, fast-growing software companies such as Rocket Fuel, SeaChange International and SendGrid are turning to NetSuite’s cloud-based business management software solution to fuel domestic and global business expansion.
These new customer wins join more than 800 software customers taking advantage of NetSuite’s industry-specific capabilities to address such challenges as complex revenue recognition, recurring revenue management, and unified billing, including the increasingly prevalent subscription model. The NetSuite cloud software suite, covering financials / ERP, CRM, Ecommerce, multinational business and professional services automation (PSA), supplies critical real-time visibility and mobility without the high capital costs, painful upgrades, manual data-entry and spreadsheet reconciliations, and ongoing troubleshooting typical of on-premise environments with disparate applications.
Software companies that have upgraded to NetSuite include:
Rocket Fuel (www.rocketfuel.com), based in Redwood City, Calif., the leading provider of artificial intelligence advertising solutions for digital marketers, implemented NetSuite and NetSuite OneWorld in Q4 2012 to upgrade from a QuickBooks application that lacked the scalability needed to support the company’s rapid growth. NetSuite OneWorld supports global financial consolidation and multi-currency conversions for a Rocket Fuel subsidiary in the U.K., and is capable of supporting additional subsidiaries as the company grows. Rocket Fuel selected NetSuite over Microsoft Dynamics GP for its ease of implementation, use and customization, cost-effectiveness, no-maintenance cloud architecture and capacity to support rapid growth. Financial close times have been streamlined on NetSuite, while the NetSuite Financial Planning application enhances budgeting and planning. “The company is growing quickly and we needed a flexible software solution that could support that growth,” said Peter Bardwick, Rocket Fuel CFO. “Certainly our reporting and visibility is better with NetSuite, and OneWorld enables us to do global financial consolidation while the subsidiary manages its own books.”
SeaChange International (www.schange.com), based in Acton, Mass., a leading global multi-screen video software innovator supplying solutions to cable, Telco and mobile providers around the world, implemented NetSuite to replace an Oracle ERP/financials and manufacturing system. SeaChange runs NetSuite financials at headquarters, while NetSuite OneWorld supports five SeaChange subsidiaries in Europe and Asia with global financial consolidation and transactions in seven currencies. NetSuite CRM is currently planned to be rolled out in mid-2013 to replace Excel-based processes in the U.S. and a homegrown CRM system at SeaChange’s largest subsidiary, in the Netherlands, empowering sales personnel and giving the company a unified lead-to-cash lifecycle. The NetSuite Manufacturing Edition supports hardware production in Massachusetts, while NetSuite OpenAir supports the services team with PSA linking to financials. New implementations of NetSuite Financial Planning and a solution from NetSuite partner Avalara for U.S. sales tax compliance, respectively, extend SeaChange’s NetSuite environment. “SeaChange is excited about NetSuite’s ability to deliver real-time performance indicators in an executive dashboard on a regional and global basis,” said John Waterhouse, SeaChange VP of Finance. “We expect that our CRM capabilities will be much more robust with NetSuite with greater visibility and management of forecasts, orders and the pipeline.”
SendGrid (www.sendgrid.com), headquartered in Boulder, Colo., provider of a cloud-based service delivering transactional emails on behalf of companies, replaced QuickBooks with NetSuite in 2012 as the company built out the scalability it needed for rapid global growth. With NetSuite Professional Services implementing the core ERP / financials system, SendGrid has gained the flexibility to build customized financial reports that used to require Excel, eliminating manual data work between QuickBooks and spreadsheets. SendGrid has licensed NetSuite OneWorld in preparation for the launch of international subsidiaries as part of its overall growth, which saw 142 percent revenue growth between 2011 and 2012. Between February and December 2012, SendGrid also increased its number of customers from 40,000 to 100,000, and the number of emails sent per month from 3 billion to 7 billion. Meanwhile, SendGrid has extended its NetSuite environment with an expense management solution from NetSuite partner Concur. “We needed a bona fide ERP solution to scale the company. Because of the relationship I had with NetSuite, I trusted it and knew we could implement quickly and seamlessly,” said Melanie Gauss, SendGrid VP of Finance and Accounting. “It’s an entirely dependable product backed by the world class NetSuite Professional Services team that did an outstanding job understanding our business. NetSuite isn’t just a tool, it’s a business partner.”
NetSuite delivers the following key capabilities that are important to software companies:
Revenue recognition. NetSuite simplifies complex revenue recognition with full support for key standards, including SOP 81-1, SOP 97-2 & 98-9, SAB 101, and EITF 00-21, and the latest EITF 08-01 and EITF 09-03 rules.
Unified billing. NetSuite delivers a single unified solution to manage subscription, ad hoc and usage-based billing across multiple revenue sources.
Renewals management. NetSuite supplies automation and visibility to optimize contract renewals, dramatically minimizing revenue leakage and customer churn with a single repository accessible to sales, service and finance.
Global business management. Software companies are growing internationally with NetSuite OneWorld for global financial consolidation, multi-subsidiary management, transactions in up to 190+ currencies and automated tax compliance in nearly 50 countries.
Professional services automation. NetSuite OpenAir services resource planning (SRP) and PSA give services teams capabilities for project management, resource optimization, time and expense reporting and automated invoicing, fully integrated with financials.
Real-time business visibility. NetSuite supplies real-time visibility into business performance across finance, sales and service through role-based dashboards and metrics specifically designed for the needs of software companies.
Today, more than 16,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-class cloud financials/ERP suites for divisions of large enterprises and mid-sized organizations seeking to upgrade their antiquated client/server ERP systems. NetSuite excels at streamlining business operations as demonstrated in a recent Gartner study naming NetSuite as the fastest growing financial management software vendor on a global basis. NetSuite continues its success in delivering the best cloud ERP/financials suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud is accelerating.