NetSuite OneWorld Solution Optimizes Foreign Subsidiary Control and Currency Strategies
Another Publicly Traded Company Standardizes on NetSuite OneWorld
SAN MATEO, Calif.—September 15, 2009—NetSuite Inc. (NYSE: N), a leading vendor of cloud computing business management software suites, today announced that Salary.com, Inc. (NASDAQ: SLRY), a leading provider of on-demand compensation, payroll and talent management solutions, has implemented the NetSuite OneWorld solution for enterprise resource planning (ERP). The solution includes general ledger, foreign subsidiary management, foreign currency transactions, Sarbanes Oxley (SOX) compliance, revenue recognition, reporting, and analysis. With NetSuite OneWorld, Salary.com has been able to optimize control of its foreign subsidiaries while keeping its operational costs under control. For more information about NetSuite customers, please visit www.netsuite.com/customers.
"Our experience with NetSuite OneWorld's on-demand solution allowed us to avoid the hidden costs of implementation as well as ongoing operational costs," said Bryce Chicoyne, Senior Vice President and CFO of Salary.com. "It's intuitive to learn and adds significant flexibility and functionality."
Salary.com provides on-demand compensation, payroll, and talent management solutions that help more than 3,500 corporate subscribers manage pay and performance. With NetSuite's OneWorld solution, Salary.com was able to automate many business management processes and spreadsheets. NetSuite OneWorld provided Salary.com with an ERP system that offered scalability, supported its complex revenue recognition requirements, and offered strong audit trail and controls. NetSuite has also provided Salary.com with integration of the company's newly formed and acquired subsidiaries and business units.
Furthermore, with the growth of its recurring revenue model and international expansion, Salary.com needed the fully integrated solution for its many complex transactions, which NetSuite's industry-leading cloud computing enterprise solution provides. The ease of which Salary.com has been able to consolidate the books of its foreign subsidiaries and process foreign currency transactions has been substantially improved with NetSuite as well, with the provision of full foreign exchange transparency at all operating levels.
Once Salary.com committed to NetSuite OneWorld, deployment moved quickly minimizing disruption to the growing enterprise and enabling staff to focus on day-to-day business. The NetSuite OneWorld solution provides Salary.com with a consistent and comprehensive view of its business activities, delivering a critical data source for accounting, billing, and operations. Salary.com's successful implementation of NetSuite OneWorld marks another significant accomplishment for the world's leading multinational enterprise cloud computing solution.
For more information about NetSuite, please visit www.netsuite.com.
About Salary.com, Inc.
Salary.com is a leading provider of on-demand compensation, payroll, and talent management solutions helping businesses and individuals manage pay and performance. Salary.com's highly configurable software applications, proprietary data and consulting services help HR and compensation professionals automate, streamline and optimize critical talent management processes including: payroll, benefits, HR administration, market pricing, compensation planning, performance management, competency management, learning and development, and succession planning. Built with compensation and competency data at the core, Salary.com solutions provide businesses of all sizes with the most productive and cost-effective way to manage and inspire their most important asset—their people. For more information, visit www.salary.com.
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