NETSUITE RANKED NUMBER 22 IN DELOITTE'S TECHNOLOGY FAST 50 PROGRAM FOR SILICON VALLEY SOFTWARE AND INFORMATION TECHNOLOGY (IT) COMPANIES
SAN MATEO, Calif. — November 5, 2008 — NetSuite Inc. (NYSE: N), a leading vendor of on-demand, integrated business management software suites that provide enterprise resource planning (ERP), customer relationship management (CRM) and Ecommerce software for mid-market enterprises and divisions of large companies, today announced that it has been named to Deloitte's Technology Fast 50 Program for Silicon Valley Software and Information Technology (IT) companies. This year's Silicon Valley Technology Fast 50 program is co-presented by Deloitte, Silicon Valley Bank, Korn/Ferry International, Cooley Godward Kronish LLP, Cornish & Carey Client Solutions, and ABD Insurance and Financial Services — A Wells Fargo Company. Rankings are based on the percentage revenue growth over five years from fiscal year 2003–2007.
"We are honored to receive this accolade from Deloitte," said Zach Nelson, CEO of NetSuite. "NetSuite's fast growth demonstrates our customers' enthusiasm for an integrated application approach and proven on-demand model. Customers are finding that NetSuite helps them maximize profits, lower costs and drive new revenue streams — all of which are key in this challenging economy. The Software as a Service (SaaS) revolution is all about helping businesses do more with less, and NetSuite is proud to lead the charge."
NetSuite's increase in revenues of 1,201 percent from fiscal year 2003 to 2007 resulted in a number 22 ranking in the Technology Fast 50 for Silicon Valley. The average increase in revenues among companies who made the Technology Fast 50 for this region was 3,049 percent.
"Deloitte's Silicon Valley Technology Fast 50 companies have shown the strength, vision and tenacity to succeed in today's very competitive technology environment," said Mark Jensen, Managing Partner, National Venture Capital Services, Deloitte & Touche LLP, in Silicon Valley. "We applaud the successes of NetSuite and acknowledge it as one of the very few to accomplish such a fast growth rate over the past five years."
To qualify for the Technology Fast 50, companies must have had operating revenues of at least $50,000 in fiscal year 2003 and $5,000,000 in fiscal year 2007, be headquartered in the San Francisco Bay Area, and be a company that o wns proprietary technology or proprietary intellectual property that contributes to a significant portion of the company's operating revenues, or devotes a significant proportion of revenues to the research and development of technology. Using other companies' technology or intellectual property in a unique way does not qualify.
Companies from the regional Technology Fast 50 programs in the United States and Canada are automatically entered in Deloitte's Technology Fast 500 program, which ranks North America's top 500 fastest-growing technology, media, telecommunications and life sciences companies. For more information on Deloitte's Technology Fast 50 or Technology Fast 500 programs, visit www.fast500.com.
For more information about NetSuite Inc., please visit www.netsuite.com.
NOTE: NetSuite and the NetSuite logo are registered service marks of NetSuite Inc.