Let’s talk about NetSuite in preparation for SuiteWorld 2019
NetSuite the Past (pre-Oracle acquisition)
In 1998 NetSuite was founded by Evan Goldberg but was actually called NetLedger and was focused primarily on accounting, but of course via the cloud (before cloud was even a term!). They were early to cloud, first market movers if you will, however they had a dual role: sell their cloud-based ERP system AND be “cloud preachers” telling everyone how wonderful the cloud will be and the future of business will be done in the cloud compared to on-premise. In the beginning, especially in the ERP space, they were pretty much alone on an island with SalesForce. NetSuite was also a pioneer in the early days of how SaaS business models add licensing users should work.
Business-wise NetSuite had a huge US market share with SMBs, started making international endeavors in the late naughties, and was continuing to innovate with its’ platform: multi-tenancy, currency and local tax integrations, and language localization. In 2007 they became a publicly traded company until Oracle bought them at the end of 2016.
NetSuite the Present (from Oracle acquisition on)
$9.3 billion is what Oracle paid for NetSuite in 2016. Everything was finally closed in early 2017, after Ellison convinced some NetSuite shareholders that he did not have any conflict of interest (as a shareholder of NetSuite and Oracle).
After the dust settled Oracle proclaimed NetSuite would stay predominantly intact and autonomous. However, both companies would take advantage of what each offered and create synergies where possible. Over the past few years, NetSuite has utilized Oracle’s recruiting apparatus, its data centers and infrastructure, international sales and business teams, product development, and marketing. A few key products NetSuite has currently integrated or made directly available to its customers are: Zero Data Loss Recovery Appliance, Blockchain Cloud Service, and Planning and Budgeting Cloud Services. Let’s not forget being apart of Oracle has freed up NetSuite resources (and pressure) from the day-to-day grind of being public traded company.
Oracle has made many acquisitions over the years, but at the moment NetSuite is clearly looking the best one to date.
NetSuite the Future (what happens over the next 4-5 years)
“Grow Beyond…” is the tagline for this years SuiteWorld. Messaging about the future has usually been along the lines of ‘continue to take on-premise customers and opportunities and migrate them to the cloud.’ Plus Oracle and NetSuite will continue the merging of product lines, infrastructure, and other back end administration. Lastly, as the sales and marketing teams have better aligned over the past few years, expectations for increased international growth is very likely.
Looking forward to seeing you at SuiteWorld 2019! Follow along with us on social media and here on our site for updates and feedback.
For more information about the event please go to http://www.netsuitesuiteworld.com/
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