NETSUITE ONEWORLD PROVES TO BE THE RIGHT CHOICE FOR RIGHTNOW
SAN MATEO, Calif — November 4, 2010 —NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP software suites, today announced that cloud customer experience developer RightNow Technologies (Nasdaq: RNOW) has adopted NetSuite OneWorld for global financial management across its multiple operations around the world. NetSuite OneWorld, the first and only on-demand system to deliver real-time global business management and financial consolidation to mid-sized companies with multinational and multi-subsidiary operations, delivers breakthrough insights and enables RightNow to improve revenue recognition, streamline customer quotes, and transparently tabulate international results and performance across multiple currencies. Over 250 RightNow employees use NetSuite for ERP, customer quotations and renewals, real-time financial reporting, dashboards, multi-currency support, and multi-subsidiary consolidation. The new NetSuite solution replaced Great Plains and Softrax.
RightNow joins hundreds of software companies both private and public — including CA Technologies, LogMeIn, Inc., SolarWinds, SuccessFactors, Splunk, Advanced MD, Qualys, and Joyent — using NetSuite OneWorld to manage the complexities of operating a software company.
NetSuite OneWorld is designed for the needs of global software companies, with built in support for real-time multi-subsidiary financial consolidation and reporting, multi-currency, multinational taxation rules and unified real-time views into the business performance of each and every subsidiary. With NetSuite OneWorld, global software companies enjoy streamlined billing and renewal processes, accurate financial reporting, and the ability to meet revenue recognition requirements and comply with the new Financial Accounting Standards Board (FASB) rules for multi-element sales, known as EITF 08-01 and EITF 09-03.
Based in Bozeman, MT, with 15 locations in seven countries worldwide, RightNow delivers cloud-based solutions to help companies enhance customer experience across Web, social and contact center channels. The unique demands of RightNow's cloud-based business and the complex revenue recognition requirements of long-term contracts strained RightNow's old on-premise ERP solutions. After considering other on-premise alternatives, RightNow instead turned to NetSuite, its cloud computing peer, to meet its ERP needs. NetSuite's SuiteCloud platform facilitates easy integration of NetSuite OneWorld with RightNow's cloud customer experience capabilities, enabling RightNow's sales professionals to create customer quotes more quickly. These quotes are then automatically converted into sales orders in the NetSuite OneWorld ERP system when committed. RightNow enjoys transparent reporting on all its business activities in six currencies, with enhanced levels of consolidation and drill-down reporting previously unavailable. Data record maintenance has been simplified and is more user friendly.
"NetSuite OneWorld is more readily delivering information we need to run our business efficiently," said Jeff Davison, RightNow's Chief Financial Officer. "Like NetSuite, we believe that the cloud is the future of business, and that's why RightNow has committed to operating in the cloud."
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