SVP, Corporate Communications
Yammer, Box, Square and Ooma Entrust Business Operations to NetSuite
SAN MATEO, Calif.—February 15, 2012—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP software suites, today announced the latest disruptive technology innovators to select NetSuite and NetSuite OneWorld to manage their high-growth business operations. These disruptive technology innovators include Yammer, Box, Square and Ooma. Realizing that they outgrew their prior systems and spreadsheets, they turned to NetSuite cloud solutions, including NetSuite OneWorld, for the flexibility and agility they need to support their rapid business expansion and also for speed of implementation. These companies join the growing list of disruptive innovators to recently adopt NetSuite solutions, including camera pioneer Lytro and social bargain leader Groupon. NetSuite offers streamlined business processes, while at the same time empowering every stakeholder—from executives to finance, sales and service—with a personalized view of business performance. Because NetSuite solutions are built to support the needs of fast-growing companies, including the ability to quickly scale to multiple subsidiaries, languages and currencies, it has become a premiere choice for technology innovators with acute enterprise needs and aggressive business models.
NetSuite Cloud Powers Hyper-Growth Companies' Domestic and Global Business Operations and Expansion
For more than a decade, NetSuite has been providing flexible, scalable, cloud-based enterprise solutions to companies looking for a proven software solution to power their fast-growing operations. The effectiveness and agility of such companies' business operations were constrained by on-premise software and manual processes. On-premise software lacks the scalability needed by fast-growing businesses. Many fast-growing companies still rely on highly inefficient, spreadsheet-driven manual processes to manage key business processes from financials, customer support and customer service to ecommerce. It's very costly to install and maintain traditional on-premise software, and the complexities of the systems don't scale with a growing employee base and global expansion. Choosing the NetSuite cloud gives today's fast-growing, innovative pioneers quick access to superior ERP, CRM and Ecommerce functionality without the delays and infrastructure build-out associated with legacy systems. In addition, NetSuite OneWorld delivers on these fast-growing companies' needs to expand globally. Because NetSuite OneWorld requires no local or customer provided infrastructure, it can be easily deployed to new markets in as little as three weeks, instead of the six months or more that is typical of most on-premise solutions. It addresses the complex multi-national and multi-company needs of global enterprises and can readily enable businesses to adjust for currency, taxation and legal compliance differences at the local level, with regional and global business consolidation and roll-up. The solution provides unprecedented global visibility of all aspects of a business worldwide in real time, creating consistent, compliant management across the organization, locally and globally. With NetSuite, these innovative companies can support their global expansion and experience a unified, real-time view into the business performance of each and every subsidiary despite the rapid and broad global expansion.
"Although each of these companies has unique requirements, they face the same challenge of time-to-market to capitalize on the opportunities and success that each has created," said Zach Nelson, NetSuite CEO. "High costs aside, these innovative companies cannot afford to stall their continued growth to launch a grueling implementation of complex, on-premise software. Moving to the cloud allows them to stay laser focused and take advantage of the market when it's ripe."
The latest disruptive high-tech companies that have adopted NetSuite include:
Square (www.squareup.com), based in San Francisco, Calif., is revolutionizing millions of everyday transactions between buyers and sellers with its free credit card reader for the iPhone, iPad, and Android devices, allowing anyone to accept credit cards anywhere, anytime. As the company grew, Square turned to NetSuite OneWorld for the flexibility and agility it needs to support its rapid business expansion, and also for speed of implementation.
By engaging NetSuite Professional Services to configure and implement the solution, Square went live in just two months, quickly giving the company visibility into business operations through executive and accounting dashboards. The company can now leverage NetSuite's proven procure-to-pay functionality to better manage vendor and contract relationships, and has room for growth into new markets and the rapidly-expanding world of payments.
Box (www.box.com), based in Palo Alto, Calif., is transforming how 100,000 businesses—including 82 percent of the Fortune 500—share, manage and collaborate on content in the cloud. With a rapidly growing enterprise client base, Box needed a solution that could capture detailed financial information while coping with the sheer volume of customer records and transactions. After considering a number of options, Box selected NetSuite OneWorld to manage its accounting operations.
Box completed its initial rollout of NetSuite OneWorld in just six weeks, giving the company deeper insight into daily transactional activity. NetSuite OneWorld is robust enough to help Box address its largest enterprise clients, but also nimble enough to efficiently support tens of thousands of smaller customers. Box now has an enterprise-grade ERP solution that matches its cutting-edge cloud content management and collaboration service.
"We needed a solution that could scale at the speed of our business, supporting Box's growing enterprise customer base and expansion into new global markets," said Dave Adams, Controller at Box. "We've been impressed by both the power and flexibility of the NetSuite OneWorld solution."
Yammer (www.yammer.com), based in San Francisco, provides organizations the advantages of a social foundation critical for success in today's fast-paced environment. More than 200,000 businesses already use the enterprise social network, and the company predicts a strong need for international subsidiaries as its business expands to new countries and languages. With a growing number of locations and a greater organizational emphasis on established industry best practices, Yammer quickly understood the need to move past small-business software and spreadsheets, choosing NetSuite OneWorld which was able to go live in just four months.
Today, three Yammer entities in the US, UK and Australia all consolidate into the same financial view. Yammer benefits from NetSuite OneWorld's seamless multi-currency management in US dollars, pounds sterling, Australian dollars and euros. Most importantly, NetSuite OneWorld's top-notch revenue recognition capabilities have enabled Yammer to gain full control of hundreds of complex revenue schedules previously managed in unwieldy spreadsheets. The company now has enterprise-class control of accounts payable and receivable activity and is well-positioned for future growth.
"Our controller came to us with extensive NetSuite experience and recommended the cloud solution. Since adopting the platform, our company has greater flexibility and transparency into each level of the organization, as well as the scalability needed to meet the demands of our growing business," said Mark Woolway, vice president of Corporate Affairs at Yammer. "The multi-national, multi-currency capabilities of NetSuite OneWorld are crucial to our growth plans."
Ooma (www.ooma.com), based in Palo Alto, Calif., the world's most innovative provider of VoIP solutions that deliver free domestic calling to hundreds of thousands of homes over existing high-speed Internet connections and allow customers to keep their favorite wired and cordless handsets. By saving customers hundreds of dollars per year compared to conventional phone bill costs, Ooma is rewiring the telecommunications world and needed an equally visionary partner to help it sustain growth. Ooma required a comprehensive solution to enhance its customer service capabilities, provide sophisticated cost-of-goods-sold accounting of products sold through retail channels and eliminate hundreds of spreadsheets.
NetSuite delivers the business capabilities that keep Ooma's visionary VoIP business growing without limitations. A unified approach to sales, service and accounting as well as revenue recognition and inventory management enable Ooma to conduct business within a single solution.
"NetSuite's comprehensive features give us the tools we needed to improve our business insights as well as keep our customers satisfied," said Eric Stang, CEO of Ooma. "We wanted an all-in-one solution that would give us room to grow without limits, and NetSuite delivered."
Today, more than 12,000 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 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 by a recent Gartner study naming NetSuite as the fastest growing financial management systems vendor in the world. NetSuite has continued its success in delivering the best cloud ERP business 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.
For more information about NetSuite, please visit www.netsuite.com.
NOTE: NetSuite and the NetSuite logo are service marks of NetSuite Inc. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between NetSuite and any other company.