NetSuite is widely acknowledged as the trailblazer in cloud software innovation. Its inception traces back to 1998 when Evan Goldberg and his partners laid the foundation for NetLedger, a name reflecting its roots in accounting ledgers. Their vision was ambitious - to craft a comprehensive software suite capable of seamlessly replacing the disjointed systems prevalent in business operations at the time. An instrumental force in NetLedger's early success was Larry Ellison, whose substantial investment from Tako Ventures proved pivotal.
In 2002, a significant transformation occurred as NetLedger evolved into NetSuite. This evolution marked the incorporating of applications catering to inventory management and Customer Relationship Management (CRM). The same year witnessed Zach Nelson stepping into the CEO role, and embarking on a remarkable growth journey. Over the subsequent 14 years, the company's annual revenue skyrocketed from approximately $1 million to nearly $1 billion.
NetSuite made headlines in 2007 by adding Billy Beane, renowned as the Oakland Athletics General Manager behind the "Moneyball" phenomenon, to its board of directors. The year culminated in a highly successful Initial Public Offering (IPO) on the New York Stock Exchange, raising over $160 million and catapulting the company's market capitalization to $1.55 billion.
Fast forward to July 2016, Oracle made waves by announcing its acquisition of NetSuite for a staggering $9.3 billion. This strategic move was instrumental in Oracle's transition into a formidable cloud software provider. After a meticulous review and approval, the acquisition was finalized in November, ushering in a new era where NetSuite became a vital Global Business Unit within Oracle.
Since the acquisition, NetSuite has experienced rapid global expansion, establishing a robust presence through offices and teams worldwide. Today, NetSuite is central to the Oracle corporation, representing one of its vital business application suites. Oracle's ERP portfolio, previously encompassing Oracle e-Business Suite, PeopleSoft, and JD Edwards, has evolved with a renewed focus on becoming a services-oriented company. This transformation positions Oracle as the largest Software as a Service (SaaS) provider, featuring two principal business application suites: Oracle Fusion and Oracle NetSuite. In 2023, Oracle Fusion counts approximately 8,000 active clients, primarily serving large corporations and former Oracle e-Business Suite and PeopleSoft users.
On the other hand, NetSuite has emerged as the leading cloud platform tailored for medium-sized and expanding enterprises, although it remains a highly capable solution for large enterprises. Some notable companies that have embraced NetSuite ERP include Cisco, Tableau Software, ChannelAdvisor, Adtegrity, Hertzbach & Company, Zev Technologies, Deloitte Digital, PCS Wireless, DWA Media, Primary Arms, Mitchell International, Inc., among many others. In 2023, NetSuite boasts an impressive roster of over 36,000 active clients, with its client base growing at a remarkable rate of over 30% year over year. This steadfast growth underscores NetSuite's continued influence in transforming business operations in the digital age.
A significant driving force behind NetSuite's widespread global adoption is its extensive network of partners. NetSuite's professional services provide a robust yet highly efficient implementation framework that serves as a solid foundation for businesses seeking to integrate the system seamlessly into their operations. These professional partners leverage their access to the NetSuite team's deep reservoir of knowledge and expertise while building upon their extensive practical experience. This dynamic collaboration enables them to bring a wealth of insights to the table and grants them the agility to tailor implementations to meet each customer's unique requirements. By striking this balance between a structured framework and the adaptability to cater to specific needs, NetSuite partners de-risk the process of crafting bespoke solutions, ensuring a smoother and more successful implementation journey for businesses across the globe.
