NETSUITE ANNOUNCES MAJOR JAPANESE PARTNERSHIP WITH MIROKU JYOHO SERVICE (MJS); AND ADDITIONAL COMMITMENTS FROM TRANSCOSMOS AND INSPIRE
Leading Japanese Accounting Software Provider to Distribute and Help Localize NetSuite; Takes Equity Stake in NetSuite K.K.
TOKYO and SAN MATEO, Calif. — November 17, 2006 — NetSuite, Inc., the leader in on-demand business software suites, today announced a major partnership with Miroku Jyoho Service (MJS), a leading accounting software provider in Japan. The new partnership expands NetSuite's reach in Japan to an extensive network of accounting service companies as well as small and medium-sized businesses. NetSuite will leverage the expertise that MJS has in providing ERP software to SMEs and accounting firms, which accounts for 25 percent of the market share in Japan. Additionally, MJS has made a significant investment of nearly $5 million that represents an equity stake in NetSuite K.K. (NetSuite's Japan subsidiary) and a combination of distribution rights and joint engineering commitments. This is yet another significant partnership following NetSuite K.K.'s partnerships with transcomos and Inspire Corporation announced in May 2006. NetSuite today also announced the updated investment commitments from transcomos and Inspire in conjunction with the MJS announcement. For more information please visit www.netsuite.co.jp
"NetSuite's strategy of providing an integrated application suite to automate an entire business is built on solid accounting and ERP functionality,"said Zach Nelson, CEO of NetSuite, Inc. "MJS — with its 30-year history of market leadership — brings to NetSuite expertise in local Japanese accounting standards that is second to none. The combination of MJS's market position with NetSuite's unique, on-demand software will give Japanese SMBs the powerful, integrated business applications that only the world's largest companies could afford. NetSuite is both honored and excited to have MJS as a partner in our entry into the Japanese market."
The new NetSuite partnership with MJS creates huge market opportunities for NetSuite's award-winning product offerings to reach to the accounting industry and SMBs. Founded in 1977, MJS has built a full range of accounting, ERP and tax software to serve the needs of small and medium-sized businesses. With more than 8,400 CPA firms licensing its product, MJS has a strong user and referral base. The new partnership with NetSuite K.K. details:
"Partnership with NetSuite K.K is very important in our long-term business strategy,"said Nobuhiko Koreeda, Chairman and CEO of MJS. "NetSuite is the only on-demand software application with an integrated approach which we firmly believe will bring more value to our client base than any other software found in the market. The synergy of this partnership will create an ultimate win-win for both MJS and NetSuite in delivering the best technology solution to our client base throughout Japan."
Today's announcement also includes updates of NetSuite K.K.'s partnerships with transcomos and Inspire Corporation. The details include:
transcosmos — since the signing of the partnership in May 2006, transcosmos has worked very closely with NetSuite K.K. to sell the NetSuite solution to a number of transcosmos' existing web marketing and outsourcing customers.
"We are very pleased to have worked with NetSuite K.K. for the past few months,"said Masataka Okuda, president and COO of transcosmos. "With the success we have achieved thus far, we look forward to more creative and innovative ways of reaching to the wider market with NetSuite in Japan. We also feel that the addition of MJS as a strategic partner, distributor and technical collaborator can only further strengthen NetSuite's viability and strength in the Japanese market. We applaud NetSuite on its good choice of strategic partners."
Inspire Corporation — Headed by Makoto Naruke, an industry luminary and a former president of Microsoft Japan, Inspire assisted NetSuite with the MJS deal and continues to introduce and promote NetSuite products to key industry leaders in Japan.
"It's such a pleasure to work with a world class software company like NetSuite K.K.,"said Makoto Naruke, CEO of Inspire Corporation. "Being in the Japan IT industry since the beginning, I have the utmost confidence that NetSuite will be a huge success in Japan. To further our commitment, Inspire will increase our investments as well as IT resources to introduce this great product to the market."
About Miroku Joho Service
About Inspire Corporation
NetSuite's Japan office is located at: