LEADING FINANCIAL SERVICES COMPANY STANDARDIZES 42 SEPARATE COMPANIES AND SUBSIDIARIES ON NETSUITE ONEWORLD
SAN MATEO, Calif. and NEW YORK, N.Y.—May 14, 2008—NetSuite Inc. (NYSE: N), a leading vendor of on-demand, integrated business management software suites that provide Accounting / ERP (Enterprise Resource Planning), CRM (Customer Relationship Management) and Ecommerce software for small and medium-sized businesses and divisions of large companies, announced that Seabury Group, the leading provider of consulting, investment banking, and restructuring services to the aviation and aerospace industries, has selected NetSuite OneWorld to integrate its business operations across 42 separate companies and subsidiaries. Seabury Group will use NetSuite OneWorld to manage a myriad of back-office and front-office processes, including sales and opportunity tracking, professional services automation, project accounting, time management, HR management, analysis, reporting, multi-location and multicurrency accounting management. For more information about this story, please visit: www.netsuite.com/seaburygroup.
Since its inception as a specialized investment banking and advisory company 12 years ago, Seabury Group has grown its financial services company rapidly. In addition to being the world's leading airline restructuring firm, the company engages in strategic consulting, financial consulting, investment banking, structured finance, airline planning, labor negotiation, and a variety of aircraft technical services. In all, Seabury Group now represents the combined efforts of more than three-dozen operating companies, and with that growth and complexity came significant operational challenges.
To reduce the complexity of managing a multi-company operation, Seabury turned to NetSuite to leverage a more complete services industry software suite. The integrated, multi-location, multicurrency accounting capabilities will make it easy for the financial services holding company to roll up the 42 different companies and subsidiaries which comprise the group into the U.S.-based parent. These capabilities are not available on most mid-market software packages and would require very significant expenditure of time, money, and other resources to provide them on conventional, on-premise ERP systems like Microsoft Dynamics Great Plains and SAP. NetSuite's professional services automation, project accounting and time management functionality can save time and increase productivity over other silo applications. Working with NetSuite Professional Services, Seabury is implementing project accounting management controls and time management analysis tools which will enable it to track the real-time status of each of its client engagements, including complete activity costing going back to the initial prospecting engagement. The improved project accounting and time management controls promises to eliminate Seabury's invoicing lag, putting the company months ahead of the curve on business generation and expense reconciliation.
"In just the past two and a half years, our business has grown and our horizons have broadened so much that we simply could not reconcile our entities properly any longer," said Martin Wills, CIO and chief administrative officer at Seabury Group. "We needed a solution which would allow multiple employees around the globe to share client projects on a real-time basis. With NetSuite OneWorld, Seabury Group will not just be deal-driven anymore. We will be opportunity-driven, with more complete insight into the true profit potential of all our client opportunities."
In addition, Seabury Group gained a human resources system with strategic planning capabilities, a key feature for a company with more than 155 employees and growing. This will provide the company improved visibility and assistance in negotiating and planning benefits offerings such as insurance and retirement savings. The real-time, multicurrency accounting capability of NetSuite services industry software helps Seabury nimbly reallocate its human capital where it can be most profitable, taking advantage of shifts in the value of the dollar and the euro to reassign staff to the most appropriate geographies. With NetSuite OneWorld, Seabury Group is poised to maintain a leading position and continue its intelligent, managed growth into the future as the aviation industry consolidates and evolves.
NetSuite OneWorld enables companies to manage their multi-national and multi-subsidiary business operations in real-time around the globe. It allows business to manage end-to-end business operations for their multiple subsidiaries, business units, and legal entities all from a single NetSuite account in a single database instance. NetSuite OneWorld delivers deep and locally/nationally appropriate functionality (currency, taxation, language, reporting, dashboards, etc.) while providing for instantaneous global roll-up, visibility and compliance management. NetSuite's native Software as a Service (SaaS) delivery model enables the NetSuite OneWorld functionality to be accessed anywhere simply by opening a Web browser, and eliminates the enormous IT issues associated with traditional approaches to global business management. NetSuite OneWorld targets mid-market companies having challenges in costs, complexity, limited consolidations and disintegration with traditional ERP applications such as Microsoft Dynamics and SAP. For more information about NetSuite OneWorld, please visit www.netsuite.com/OneWorld.
About Seabury Group
Seabury Group's principal business is the Aviation & Aerospace Group, which is the leading independent investment banking and advisory group serving aviation, aerospace, and cargo on a global basis. That group's practices span investment banking, corporate transformation, and management consulting. Seabury Group was awarded Airfinance Journal's "North American Deal of the Year" for the equity rights offering the firm structured and placed for Northwest Airlines in 2007. With more than 155 professionals dedicated to aviation and aerospace, Seabury has now advised over 150 clients worldwide in over 400 engagements spanning Africa, Australia, Asia, Europe, the Middle East, and the United States. In 2007 Seabury set up a parallel investment banking group, SeaCap Securities LLC, to house its investment banking and advisory services provided to financial institutions, insurance companies and institutional investors in the financial, insurance, maritime, travel and hospitality industries. Seabury and SeaCap also structure and manage portfolios of financial and life insurance assets. For more information, please see: www.seaburygroup.com.
NetSuite Inc. is a leading vendor of on-demand, integrated business management software suites for small and midsized businesses and divisions of large companies. NetSuite enables 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.
NetSuite and the NetSuite logo are registered service marks of NetSuite Inc.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties and assumptions. If any of the risks or uncertainties ever materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements include statements relating to expectations, plans and prospects for NetSuite and the service offering that are based upon current expectations and beliefs. Challenges may arise in the implementation of NetSuite OneWorld with the customer; disruptions in service as a result of loss of power or loss of Internet access may occur; unexpected disruptions in NetSuite data center may occur; and potential errors or other problems in the software code may arise; and other risks and uncertainties exist or may arise as described more fully in our public announcements and filings with or furnished to the U.S. Securities and Exchange Commission, including our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2008. All forward-looking statements in this press release are based on information available to us as of the date hereof, and NetSuite disclaims any obligation to update these forward-looking statements.