NETSUITE ANNOUNCES NEW FINANCIAL PLANNING MODULE ENABLING BUSINESS PERFORMANCE MANAGEMENT FOR STRATEGY, PLANNING AND EXECUTION
Companies Gain Cost-Effective, Timely Access to Sophisticated Management and Planning Capabilities that On-Premise Vendors Sell for Millions of Dollars
SAN MATEO, Calif.—June 10, 2009—NetSuite Inc. (NYSE: N), a leading vendor of on-demand, integrated business software suites for mid-market businesses and divisions of large companies, today announced plans to offer a new Financial Planning module to complement NetSuite's leading on-demand accounting / Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and Ecommerce capabilities. NetSuite with the new module will give companies of all sizes, cost-effective and timely access to highly sophisticated planning and "what if" modeling capabilities typically only available to large corporations willing to invest millions of dollars and months, if not years, implementing on-premise enterprise software.
With NetSuite and the new Financial Planning module, companies have at their disposal an end-to-end business management solution to support the business from strategy, to planning and execution in real-time. Unlike costly and cumbersome on-premise enterprise solutions, the Financial Planning module for NetSuite provides dynamic, real-time drill-down from top level results enabling users to review plan vs. actual variance, isolate the organisation responsible for the variance, and drill down into the actual transactional details contributing to the variance. These product features can help companies streamline business processes, improve financial agility, strengthen collaboration and the ability to drive better-informed, strategic decision-making.
"With this new Financial Planning module, NetSuite fills a gap in the business performance management landscape," said Michael Fauscette, GVP Software Business Solutions at IDC. "Available on-premise tools come with higher overhead, while spreadsheets offer little benefit when it comes to collaboration across a distributed organisation. With the new Financial Planning module, NetSuite delivers strategic visibility to organisations that will help them change the way they do business."
"By implementing NetSuite and the Financial Planning module, we have been able to link together strategy, planning and execution," said James Jones, Director, Financial Planning and Analysis, KANA Software. "We can continuously monitor actual performance while rapidly analysing multiple ‘what-if' scenarios, which allows us to be far more nimble and effective in making both tactical and strategic decisions."
"Companies who make rapid, well-informed decisions, and execute with discipline, win in the market place," said Jim McGeever, CFO of NetSuite. "By delivering sophisticated business management, planning and modeling software via an on-demand model, we are providing midsized companies and divisions of large corporations with a set of capabilities previously reserved for elite enterprises. In so doing, we're not only helping to make our customers more productive, but we're also enabling them to more effectively compete with – and in many cases outperform – their larger rivals."
Real-Time Business Performance Management at a Fraction of the Cost of Enterprise Software Alternatives
With NetSuite and the new Financial Planning module, mid-sized companies and divisions of large enterprises have a cost-effective alternative to the high price tag of on-premise enterprise solutions and the chaos of multiple spreadsheets thanks to a Software as a Service (SaaS)-based delivery model, relatively quick implementation timelines and ease-of-use that empowers the business user rather than requiring specialised IT skills. And best of all, businesses can get strategic value by having a single source of data and metrics delivered in real-time, enabling better decision making.
Best-in-Class SuiteCloud Integration
Developed via NetSuite's SuiteCloud development platform to integrate NetSuite with Adaptive Planning's on demand software, the new Financial Planning module is a strong example of the innovative software solutions that can result from collaborative partner development activity and a robust development platform such as NS-BOS (NetSuite Business Operating System), a component of SuiteCloud.
The Financial Planning module for NetSuite will be available for both current and new customers of NetSuite beginning in Q3 2009.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements relating to expectations, plans, and prospects including expectations relating to the continued high growth of NetSuite's software in the mid-market. These forward-looking statements are based upon the current expectations and beliefs of NetSuite's management as of the date of this release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and NetSuite disclaims any obligation to update these forward-looking statements.
In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: unexpected delays in the launch or availability of new products and features, unexpected issues relating to the integration of the software products, risks associated with material defects or errors in the software or the effect of undetected computer viruses that could impact the availability of the product; and our ability to successfully identify and integrate other technologies that will complement our business. For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the U.S. Securities and Exchange Commission ("SEC"), including but not limited to the Company's Quarterly Report on Form 10-Q for the period ending March 31, 2009, and any subsequently filed reports on Forms 10-K, 10-Q and 8-K. All documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval system ("EDGAR") at www.sec.gov or NetSuite's Web site at www.netsuite.com.
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