Leading industry analyst firm names NetSuite fastest growing financial management vendor—for third straight year
NetSuite Worldwide Market Share Gains Reinforce Accelerated and Consistent Shift of Customers to ERP in the Cloud
SAN MATEO, Calif.—April 27, 2011—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP software suites, today announced that it has grown its market share dramatically around the world according to the latest research on Financial Management Software (FMS) from Gartner Inc., Market Share: All Software Markets, Worldwide, 2010. NetSuite also moved up several spots within the Top 10 market share lists in both North America and the United Kingdom, and made its debut on Australia's Top 10 leaderboard.
NetSuite's market share gains were remarkable on all levels:
- NetSuite's 2010 global growth rate of 42 percent outstripped the global market growth rate for Financial Management Systems more than eightfold.
- NetSuite's 31 percent market share growth rate in North America from 2009-2010 was more than 114 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 was significantly stronger compared to other vendors in the top ten vendor list.
- In the measurement of total market share, NetSuite moved up positions from number ten to number eight.
- While the UK market for Financial Management Systems actually contracted in 2010, NetSuite was gobbling up market share. NetSuite's 60 percent market share growth rate in the UK was more than 21 percent faster than the second fastest company, whose growth in the region was largely inorganic and due to acquisitions. Furthermore, NetSuite's UK market share growth was more than four times faster than its closest competitors.
- NetSuite's market share in the Australian market grew at 84 percent in the year-over-year period, coupled with a 96 percent growth in Australian revenue. This rapid expansion in the Australian market enabled NetSuite to debut in the number nine position in Gartner's Top 10 list as measured by revenue.
- Of the 43 companies in the study, NetSuite was one of the only pure Cloud ERP providers ranked.
"While some vendors lie about offering ERP in the cloud, the market share numbers don't lie. Enterprises are clearly upgrading their antiquated client/server ERP systems to the cloud and NetSuite," said Zach Nelson, CEO of NetSuite. "While companies try to fool some into buying client/server offerings masquerading as cloud offerings, NetSuite, as the only pure cloud ERP vendor in the detailed Gartner study, continues to take share by bringing the true benefits of the cloud to companies around the world."
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