NETSUITE LAUNCHES NETSUITE SOFTWARE COMPANY EDITION, FIRST INDUSTRY-SPECIFIC ON-DEMAND BUSINESS SUITE
Integrates Software Industry-Specific ERP and CRM Functionality with 15 Role-Based AJAX Dashboards
Hundreds of Software Companies Large and Small Announce Adoption of NetSuite
SAN MATEO, Calif., — March 14, 2006 — NetSuite, Inc., NetSuite, Inc., the leader in on-demand business software suites, today launched NetSuite Software Company Edition. NetSuite Software Company Edition is specifically designed to manage a software business and the software customer life cycle — from the moment the lead is in the system through the sales process to purchase and on to subsequent renewals and repeat sales. In addition, NetSuite Software Company Edition adds new rich financial management functionality including revenue recognition and usage-based billing that can cost hundreds of thousands of dollars when purchased from niche providers of inflexible applications. Finally, this edition of NetSuite includes new versions of NetSuite's renowned AJAX Dashboards that are specifically designed to give software company executives and frontline users real-time visibility into the key performance indicators that make or break their success. For more information on NetSuite Software Company Edition, please visit www.netsuite.com/softwarecompany.
The new features of NetSuite Software Company Edition result from NetSuite's own use of the product, as well as feedback from its many software customers. As NetSuite has grown to be one of the fastest growing software companies in the world, it has built features into the NetSuite application that have both fueled that growth and helped the company manage it. The new NetSuite product offering literally enables a software company of any size to manage its entire business in a single business application suite. NetSuite Software Company Edition also has many new features specifically designed to manage a Software as a Service (SaaS) business.
"Running a software company is complex, especially in the new world of Software as a Service combined with the complexity of financial compliance," said Zach Nelson, CEO of NetSuite. "After years of using NetSuite to manage every aspect of our business, we are happy to extend our experience to other software companies. There is no question that if a software company is not using NetSuite to run its business, it is at a significant disadvantage to its competitors who are using NetSuite."
Kevin Thompson, former CFO of Red Hat and SAS Institute, recognized the power of NetSuite and chose it in his new role as CFO of Surgient, Inc. (www.surgient.com), based in Austin, Texas, and the leader in virtual lab applications for automating software demo, test and training labs. "NetSuite is much easier to use than the large-scale ERP systems I've used in the past and delivers functionality that many of these much more expensive systems struggle to provide," he said. "At Surgient, in addition to the typical complexity of managing finance, we have an additional critical business need to track the costs of complex professional services engagements. An important reason we chose NetSuite was because it integrated strong time and expense tracking, project management, revenue recognition, and CRM in a single package."
Most software companies buy multiple generic applications to run their business — one to manage the sales team, one to manage marketing, one to manage support, and several more to deal with the financial aspects of running a business. This fragmented approach adds enormous cost, introduces a high rate of financial errors, and results in a poor customer experience, especially at the time of support, renewal or up-sell. The NetSuite Software Company Edition is not a generic application, but one specifically designed for running a software business.
Manage complex back-office processes easily, while reducing cost and error rate. The new ERP capabilities of NetSuite Software Company Edition are impressive, accomplishing in one system what typically requires multiple software packages, hundreds of thousands of dollars and a plethora of spreadsheets. Software companies have incredibly complex financial processes, from complex billing requirements to revenue recognition to licensing and subscription management. NetSuite adds a host of new functionality to streamline all of these processes, reducing pain, error rate, and cost. New functionality includes:
Gain complete visibility in the front-office from initial lead through closed sale.
The ultimate business Dashboard simplifies management of a Software business. NetSuite has long been the leader in dashboard technology and has now applied those innovations specifically to the needs of software companies. The AJAX-based dashboards deliver a great user experience, but more importantly, they give every user in a software company a custom dashboard that allows them to monitor everything in the business relevant to them — in real-time for the current period and as compared to past periods.
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