LEADING INDUSTRY ANALYST FIRM NAMES NETSUITE THE FASTEST GROWING FINANCIAL MANAGEMENT VENDOR IN AUSTRALIA
More Than 107 Percent Market Share Growth in Australia Places NetSuite on the Top 10 Leader Board for FMS, according to Gartner, Reinforcing Accelerated and Consistent Shift to Cloud-based ERP
Sydney, November 15, 2011— NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP software suites, today announced that its market share for financial management software (FMS) in Australia grew by 107 percent in 2010, debuting it on Australia's Top 10 leader board, according to 2010 software market share results from Gartner Inc*. NetSuite also moved up several spots on Gartner's list for the Top 10 market share in North America.
"NetSuite experienced massive growth in Australia in 2010 as organisations started recognising the real benefits that can be gained from cloud-based ERP," said Mark Troselj, managing director of NetSuite, APAC. "This rapid expansion in the local market enabled us to debut as the only cloud provider on Gartner's Top 10 list for FMS, further validating the global acceptance and adoption of the cloud."
According to Troselj, "While some vendors claim to offer ERP in the cloud, the FMS market share numbers from Gartner provide a realistic perspective. Australian enterprises are clearly recognising the cost and resource benefits that can be achieved by upgrading their antiquated client/server ERP systems to the cloud and NetSuite has the right offering. We are proud to see NetSuite included as the only pure cloud ERP vendor in Gartner's FMS market share results, which we believe demonstrates our commitment to bringing the true benefits of the cloud to companies around the world."
NetSuite's market share gains according to Gartner were impressive on all levels:
- NetSuite's 2010 global growth rate of 42 percent outstripped the global market growth for FMS more than eightfold.
- Of the 22 Australian companies in Gartner's market share results, NetSuite was the only pure cloud ERP provider listed in the FMS subcategory, and ranked eighth in the Top 10.
- NetSuite's 38 percent market share growth rate for FMS in North America from 2009-2010 was more than 135 percent faster than the second fastest growing company whose growth was largely comprised of inorganic revenue gained through acquisition. Furthermore, NetSuite's share growth in North America was more than 10 times faster than the leading legacy competitors.
- Over the last three years, NetSuite's North American market share growth rate of 78 percent for FMS was significantly stronger compared to other vendors in the Top 10 vendor list.
- In the measurement of total market share for FMS, NetSuite moved up from the number 10 position to number eight.
*Additional information is available in the Gartner report: "Market Share: All Software Markets, Worldwide, 2010" (Published 30 March 2011, by analyst: Colleen Graham)
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