Earlier this year, NetSuite announced(opens in new tab) that its leading cloud ERP(opens in new tab) powers more than one-third of JMP Securities Hot 100 Private Software Companies(opens in new tab). Considered some of the best and brightest in the software industry, these companies are using NetSuite to run their key business processes, from order-to-cash, subscription renewals, billing, financial reporting, revenue recognition and professional services automation.
Similar to the JMP Securities Hot 100, AlwaysOn, a premier source for analysis and prediction of top companies and trends, published its AlwaysOn 2011 OnDemand 100 Top Private Companies(opens in new tab) list. Like JMP Securities, the AlwaysOn list includes some of the best private cloud computing enterprises in America and NetSuite powers more than one-third of the companies on that list as well. So the aforementioned two lists highlighting innovators in the marketplace—include many NetSuite customers that are running their software business with NetSuite.
Private software companies face challenges that conventional on-premise enterprise applications are ill-suited to meet. On-premise software lacks the scalability needed by fast-growing, international businesses, and often forces companies to rely on highly inefficient, spreadsheet-driven manual processes that can hinder growth. NetSuite's cloud-based ERP delivers efficient, compliant and innovative solutions around billing, purchasing, expenditure approval, financial reporting, contract renewal, professional services automation and revenue recognition. That’s why NetSuite's cloud-based ERP suite is the solution of choice for rapidly growing software companies.
With NetSuite, the best and brightest software firms can focus on innovation and growth while confident that NetSuite supports their business including streamlined billing and renewal processes, accurate financial reporting and the ability to meet revenue recognition requirements and comply with new and emerging Financial Accounting Standards Board (FASB) rules such as EITF 08–01 and EITF 09–03.
Visionary cloud software companies find NetSuite perfect for their day-to-day business operations because our solution provides them with best-in-class capabilities today, and a clear path to successful and profitable evolution and growth. Many NetSuite customers highlighted for excellence by AlwaysOn and JMP Securities have been purchased or gone public after building their business on NetSuite, and we expect to continue to be the enterprise technology provider of choice for innovators with vision and high business aspirations.
As an example, NetSuite customer Eloqua(opens in new tab), a leading provider of SaaS-based marketing solutions highlighted in both the AlwaysOn and JMP Securities lists, has recently filed its intention to go public(opens in new tab). We expect the future to hold bright for more NetSuite customers looking for strong business exits and opportunities.
Some members of the 2011 OnDemand 100 Top Private Companies list relying on NetSuite to power their growth, expansion and innovation include:
- Pano Logic (www.panologic.com) of Redwood City, CA, the leader in zero-client desktop virtualization. The company turned to NetSuite OneWorld to manage its business relationships with over 1,000 companies worldwide. Pano Logic's business model requires it to manage thousands of revenue recognition schedules simultaneously—something that would be impossible to do had the company remained on QuickBooks. NetSuite OneWorld provides transparent consolidation of Pano Logic's corporate entities in Germany, the United Kingdom and the US. The company saved at least three FTEs by centralizing accounting, and relies extensively on NetSuite dashboards to provide an up-to-the-minute view of customer relationships and the company's fortunes.
- rPath (www.rpath.com) of Raleigh, NC, automates software system construction, deployment, configuration and maintenance across physical, virtual and cloud environments. After attempting to grow the business on QuickBooks, Sugar CRM, and spreadsheets, the limitations of disparate software became clear. rPath's processes were tied up in manual, labor-intensive and error-prone efforts that inhibited the company's growth into larger and more complex deals. Switching to NetSuite gave rPath a unified CRM and ERP solution, and a complete view into customer histories from the lead stage through to ongoing support and maintenance. NetSuite's industry-leading revenue recognition capabilities have greatly improved rPath's subscription management, and the company has been able to grow substantially without adding more employees.
rPath and Pano Logic join a number of other private software innovators that, by moving their business to NetSuite, have freed up time and resources to better focus on growing their business.