NETSUITE TO ADD 150 EMPLOYEES
World's Leading Developer of Cloud ERP Solutions Initiates
Aggressive Hiring Plan Across Key Functional Areas
NetSuite to Grow Development 30%
SAN MATEO, Calif. —September 17, 2010 —NetSuite Inc. (NYSE: N), the industry's leading vendor of cloud-based financials / ERP software suites, today announced plans to ramp up hiring in the coming months to address accelerated market demand for its cloud business software applications. The company is actively recruiting to fill more than 150 open positions across nearly all functional areas, including sales, customer service and support, and engineering and development. NetSuite expects to grow its development group by approximately 30 percent. For more information about careers at NetSuite, please visit www.netsuite.com/careers.
Despite a lag in many information technology market segments, cloud computing in general and NetSuite in particular have seen dramatic growth in market demand. Companies of all sizes are embracing powerful and reliable cloud computing solutions to lower costs and help increase their overall productivity and competitiveness.
In its recent second quarter 2010 financial results, NetSuite's performance demonstrated continued acceleration of the market's move toward cloud computing. From the financial perspective, NetSuite posted record revenue, operating income and net income that substantially reinforced the company's leadership in enabling companies, large and small, to automate complex, mission-critical business processes in the cloud.
"NetSuite's total commitment to the cloud, and our unique position as the industry's leading provider of cloud-based financial and ERP software suites, certainly are important factors in the gains we are making against traditional providers of pre-Internet architected applications," said Zach Nelson, CEO of NetSuite. "Continuing to attract and retain the brightest minds in the industry is critical to our goal of being the only cloud ERP suite of scale for the foreseeable future."
NetSuite's cloud computing solutions are in use today at thousands of companies worldwide. NetSuite's offerings, which include the multi-national corporate management solution NetSuite OneWorld and NetSuite OpenAir professional services automation, are in use in 14 languages in more than 60 countries. With cloud computing poised to show continued rapid growth in the years to come, NetSuite is committed to growing its worldwide staff to address the demand for NetSuite's industry leading products and to further enhance the NetSuite cloud computing approach to meet the needs of an ever-expanding range of vertical business demands.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements relating to expectations, plans, and prospects including expectations relating to the anticipated future growth of the cloud computing market and NetSuite's future hiring plans. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the market for on-demand services may develop more slowly than expected; and NetSuite may not be able to identify and hire qualified candidates as quickly as planned or at all. 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 filed for the financial quarter ending June 30, 2010, 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 website at www.netsuite.co.uk.
For more information about NetSuite, visit www.netsuite.co.uk.
NOTE: NetSuite and the NetSuite logo are registered service marks of NetSuite Inc.