Contact:
Mei Li
Senior VP, Corporate Communications
Phone: 650.627.1063
E-mail: meili@netsuite.com
NetSuite, Inc.
NetLedger Secures $30 Million
in Financing
Led by Oracle CEO Larry Ellison, the Round of Funding
Shows Investor Confidence in NetLedger
San Mateo, CA. - April 5, 2001 - NetLedger, Inc.,
the leader in Web-based solutions that streamline small
businesses and help them succeed, today announced that
it has secured $30 million of funding from its existing
investors including Oracle CEO Larry Ellison and StarVest
Partners L.P.
Despite a difficult fund raising environment, NetLedger
successfully closed the round needed to continue its
growth strategy. "This funding will allow us to fulfill
our promise to deliver the ultimate solution to small
businesses and help them grow and succeed. Our combination
of groundbreaking product, loyal customer base, innovative
and dedicated staff along with continued investor confidence
will solidify our leadership position in Web-based small
business solutions," said Evan Goldberg, president and
CEO of NetLedger, Inc.
NetLedger has proven successful in delivering the best
Web-based small business system and expanding its customer
base consistently and aggressively," said Larry Ellison,
Oracle CEO. "I have tremendous confidence in NetLedger
and I believe they will come out a winner."
Consistent with NetLedger's growth strategy, the additional
capital will help: (a) develop the ultimate small business
solution; (b) accelerate customer acquisition; and,
(c) broaden NetLedger's distribution channels via strategic
partnerships.
NetLedger is built from the ground up using an open,
scalable Internet architecture. Users can run NetLedger
on all major browsers and operating systems, with anytime,
anywhere access. Based on the Oracle 8i database, NetLedger
delivers the power, reliability and security of enterprise-level
accounting and business management solutions, combined
with the ease of use of a small-business accounting
and management package.
For more information about NetSuite please visit our
Web site at www.netsuite.com.
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