Press Releases


Contact:

Mei Li
Senior VP
Corporate Communications
NetSuite Inc.
Phone: 650.627.1063
E-mail: meili@netsuite.com

NETLEDGER PARTNERS WITH AUCTIONWORKS.COM

Deal Opens Door for Future Integration of NetLedger with Auctionworks' Sales and Inventory Management Tools

San Mateo, CA.—August 22, 2000—NetLedger Inc., the leading application service provider (ASP) that enables small businesses to run their companies totally online, today announced a strategic partnership with Atlanta-based Auctionworks.com Inc. This strategic partnership consists of two significant components. As the first step, Auctionworks will promote and market NetLedger to its customer base. Subsequently, Auctionworks.com will integrate its auction sales and inventory management tools with NetLedger, thus delivering to auction customers a complete online auction business management solution.

Under the terms of the agreement, Auctionworks.com will offer NetLedger's online business management and accounting tools to its sellers. Auctionworks.com has developed an incentive program to encourage its top sellers to use the Auctionworks.com co-branded NetLedger service.

As part of the agreement, NetLedger will integrate with Auctionworks sales and inventory management tools. Integration of the applications using NetLedger's SMBXML will allow data captured by AuctionWorks.com's sales and inventory tools to be automatically reflected in NetLedger's suite of online accounting and business management applications. When AuctionWorks.com puts a seller's goods on the auction block, the seller's NetLedger account will be automatically updated to reflect both the sale and the reduction in available inventory. As a result of this integration, auction customers will enjoy many benefits including eliminating double-data entry and improved sales and inventory tracking.

"The integration of online auction management and NetLedger's online business management and accounting will be a first-ever capability. We believe it will prove very important to the small businesses the New Economy is fostering," said Bill Mirbach, president and chief executive officer of NetLedger Inc. "We're excited about the opportunity to help auction-oriented e-commerce small businesses, which are a significant part of our target market."

"NetLedger's accounting solution supports Auctionworks.com's strategy to improve the online auction experience while helping e-businesses to build efficient and cost-effective backend services," said Alec Peters, founder and chief executive officer of Auctionworks.com. "This is a winning combination for any business that wants to sell its inventory online efficiently and cost effectively."

About SMBXML
NetLedger developed and released SMBXML in May 2000 as an open standard for the small- to medium-size business community. The standard, which is unique to the ASP industry, allows NetLedger and other ASPs to exchange information in a common language, and thus seamlessly integrate their products to deliver greatly enhanced business solutions.

About AuctionWorks.com
Auctionworks.com provides Web-based inventory and auction management services to help online sellers improve and increase sales efficiency. It works with multiple auction sites plus with direct Web storefronts. Payment processing, stock levels and marketing pages are all managed through a Web browser in simple, straightforward procedures. Auctionworks.com recently signed an exclusive licensing agreement to search eBay for auction sites for its customers. The majority of the top 50 eBay Power Sellers have already agreed to use Auctionworks.com.

For more information about NetSuite please visit our Web site at www.netsuite.com.

###

Trademark
Oracle is a registered trademark of Oracle Corporation and/or its affiliates.