Senior VP, Corporate Communications
NETSUITE LAUNCHES NETSUITE ONEWORLD IN SINGAPORE
Clearstate, a Leading Provider in Global Consulting Services for Healthcare, Goes Live on NetSuite OneWorld
SINGAPORE and San Mateo, Calif. — September 18, 2008 — NetSuite Inc. (NYSE: N), a leading vendor of on-demand, integrated business management software suites for mid-market enterprises and divisions of large companies, today announced the launch of NetSuite OneWorld in Singapore. The event, hosted by Zach Nelson, NetSuite's Chief Executive Officer, took place today at The Arts House in Singapore. At the event, NetSuite also announced that Clearstate (www.clearstate.com), a leading Singapore-based provider of consulting services to manufacturers serving the healthcare industry, has gone live on NetSuite OneWorld. NetSuite OneWorld allows companies to manage their multinational and multi-subsidiary business operations, in real-time around the world. It integrates the key business management functions across the enterprise, from Customer Relationship Management ( CRM) to Enterprise Resource Planning (ERP) and Ecommerce. For more information about NetSuite OneWorld, please visit www.netsuite.com.sg.
"We expect the introduction of NetSuite OneWorld into Singapore and other regions of Southeast Asia to help fast-growing businesses in these countries achieve global success," said Zach Nelson, NetSuite Chief Executive Officer. "NetSuite OneWorld delivers local control with global visibility, not just across financials but across every aspect of the business — from lead to forecast to order to cash collection. With the growing interest of Software as a Service (SaaS) applications in Singapore and Southeast Asia, the introduction of NetSuite OneWorld should help drive strategic growth for NetSuite in this dynamic Asia Pacific market."
NetSuite's opening of its Singapore office in 2005 marked the company's entry into Southeast Asia. Since then, NetSuite's Singapore office has served as the hub for the company's expansion in Southeast Asia, especially in countries such as Thailand, Malaysia, and the Philippines. Due to Singapore's strategic geographic location near some of the world's fastest-growing economies, excellent infrastructure, and supportive government, NetSuite Singapore has experienced exponential sales growth. Springboard Research estimates that Asia-Pacific Software as a Service revenues will grow from US$274 million in 2007 to around US$1.8 billion by 2011. The industry analyst firm Gartner estimates the Asia-Pacific SaaS market is growing twice as fast as the market for traditional on-premises applications.
Built from the ground up as one system that includes ERP, CRM and Ecommerce, NetSuite OneWorld enables mid-market businesses with multiple subsidiaries, business units and legal entities to:
- Manage local operations across multiple locations, and roll the data up for regional and global visibility in their currency of choice.
- Have the ability to adjust for language, currency, taxation and legal compliance differences at the local level, with regional and global business consolidation and control.
- Bring a newly acquired or created subsidiary online quickly into a consolidated management view, supporting acquisition or rapid expansion of the business.
- Reduce costs by staffing operations centrally where the same employees can handle operations across multiple subsidiaries.
- Make informed executive decisions and timely course corrections with key company metrics visible and measurable in real-time across all business operations.
NetSuite's native SaaS delivery model enables the OneWorld functionality to be accessed anywhere simply by opening a browser, and eliminates significant IT issues associated with traditional approaches to global business management software. The combination of the new NetSuite OneWorld capabilities and NetSuite's cloud computing delivery platform helps eliminate the cost and technology barriers facing mid-sized companies operating globally or across multiple locations.
Prior to NetSuite OneWorld, typically only large companies with the ability and willingness to spend a large sum of money could approach such levels of business integration. Mid-sized companies using traditional applications such as Microsoft Dynamics GP (often referred to as Great Plains) could achieve a low level of business integration, but often could only see limited consolidated financials, which can be of suspect value. Of course, large systems such as SAP or mid-market systems like Microsoft Dynamics GP are not delivered as native Web applications, so any attempt at limited business consolidation using these systems would typically require large expenditures in IT costs and systems management.
Additional benefits of NetSuite OneWorld include the following:
- NetSuite OneWorld allows companies' back-office ERP operations to have local control over accounts receivable, accounts payable, payroll, inventory, billing, invoicing and order fulfillment, but with multi-currency business consolidation of financials in real-time from these local operations or independent subsidiaries to the regional office and global headquarters.
- NetSuite OneWorld makes global Ecommerce operations feasible with multi-site, multi-currency, multi-language, local tax compliance and local inventory sourcing capabilities.
- NetSuite OneWorld provides global CRM to improve global selling with multi-currency quotas, forecasts, commission payments, sales tax calculations and real-time reporting.
- NetSuite OneWorld delivers real-time analytics that allow global organisations to make timely course corrections, rather than having to wait so long for research to be completed that often the question to be resolved becomes moot.
Clearstate Goes Live on NetSuite OneWorld
At today's Singapore event, NetSuite also announced that Clearstate (www.clearstate.com), a leading Singapore-based provider of consulting services to manufacturers serving the healthcare industry, has gone live on NetSuite OneWorld to manage its multinational operations and support its mobile professionals on client engagements throughout Asia and North America (see the full story).
"Our priority was to have complete visibility into our firm from day one, and NetSuite OneWorld has made that extremely easy," said Tej Deol, Managing Partner at Clearstate, based in Singapore. "I didn't have to put pieces of a puzzle together in order to handle finance, project management, and human resources. NetSuite allowed us to launch our business on a single, integrated platform."
Pricing and Availability of NetSuite OneWorld
NetSuite OneWorld is available now through the NetSuite Singapore office. It is offered for $3350 SPG per month.
NetSuite Inc. (NYSE: N) is a leading vendor of on-demand, integrated business management software suites for mid-sized businesses and divisions of large companies. NetSuite enables mid-market companies to manage core business operations in a single system, which includes accounting / enterprise resource planning (ERP), customer relationship management (CRM), and ecommerce. NetSuite's patent-pending "real-time dashboard" technology provides an easy-to-use view into up-to-date, role-specific business information. For more information about NetSuite please visit www.netsuite.com.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements relating to expectations, plans, and prospects, including expectations relating the expected growth of NetSuite's business in the Asia Pacific market as a result of the availability of NetSuite OneWorld service in Singapore and the expected impact of that service on customers' ability to grow globally. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the market for on-demand services may develop more slowly than expected; legal and operational complexities in growing the NetSuite business internationally; risks associated with material defects or errors in the Company's software or the effect of undetected computer viruses; the risk of technological developments and innovations by others; risks associated with any unexpected disruptions in the company's service or any security breaches that could develop; and general economic, market, or political conditions may deteriorate in the Asia Pacific region.
For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the U.S. Securities and Exchange Commission ("SEC"), including but not limited to the Company's Quarterly Report on Form 10-Q filed for the financial quarter ending June 30, 2008, and any subsequently filed reports on Forms 10-Q and 8-K. All documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov or NetSuite's Web site at www.netsuite.com.
NOTE: NetSuite and the NetSuite logo are registered service marks of NetSuite, Inc. Other marks are the property of their respective owners.