NetSuite is a leading provider of cloud-based business management software, helping companies manage core business processes with a single, fully integrated system. This article will delve into the background of NetSuite, its founders, revenue, and more. We will explore the journey of this software giant, its impact on the business world, and its future prospects.
Background of NetSuite
NetSuite was founded in 1998 with the vision of providing web-based business applications to companies. It was one of the pioneers in cloud computing, long before the term became a buzzword in the tech industry. The company’s primary product is a suite of applications that manage customer relations, enterprise resource planning (ERP), and e-commerce operations. Over the years, NetSuite has grown exponentially, serving over 24,000 customers across 200+ countries.
The Founders of NetSuite
NetSuite was co-founded by Evan Goldberg and Oracle’s executive chairman, Larry Ellison. Goldberg serves as the Chairman and Chief Technology Officer of NetSuite, while Ellison was a significant early investor. Goldberg’s vision was to create an online system that would help businesses manage all their operations in one place. This vision was realized with the creation of NetSuite, which has since become a leading player in the cloud-based business software market.
NetSuite’s revenue has seen a steady increase over the years. In 2016, the year before it was acquired by Oracle, NetSuite reported revenues of $741.1 million, a 30% increase from the previous year. Post-acquisition, Oracle does not break down NetSuite’s specific revenue, but it has stated that NetSuite has continued to experience rapid growth under its umbrella.
Acquisition by Oracle
In 2016, Oracle Corporation acquired NetSuite for approximately $9.3 billion. This acquisition was seen as a strategic move by Oracle to strengthen its position in the cloud computing market. Since the acquisition, NetSuite has operated as a separate division within Oracle, maintaining its unique brand identity while benefiting from Oracle’s vast resources.
NetSuite’s Impact on Businesses
NetSuite’s cloud-based software has had a significant impact on how businesses operate. By offering a comprehensive suite of applications that manage various business operations, NetSuite has helped companies streamline their processes, improve efficiency, and reduce costs. For instance, businesses can manage their financials, customer relations, e-commerce, and supply chain operations all from one platform, eliminating the need for multiple, disjointed systems.
The Future of NetSuite
Looking ahead, the future of NetSuite appears promising. The company continues to innovate and expand its product offerings, with a focus on artificial intelligence and machine learning. NetSuite is also expanding its global footprint, with plans to enter new markets and serve a broader range of industries. As more businesses recognize the benefits of cloud-based systems, the demand for NetSuite’s products is likely to increase.
In conclusion, NetSuite has made a significant mark in the world of business software. From its pioneering role in cloud computing to its comprehensive suite of business applications, NetSuite has transformed the way businesses operate. With continued innovation and expansion, NetSuite is well-positioned to remain a leader in the business software market.