Wednesday, May 29, 2024

NetSuite touts record revenues, scoffs at software rivals

With its business booming, cloud computing firm NetSuite disclosed on Tuesday, May 15, record revenues as it came out swinging against traditional software vendors at its annual SuiteWorld conference at the San Jose Convention Center in California.

NetSuite CEO Zach Nelson (left) on stage with Qualcomm chief information officer Norm Fjeldheim

NetSuite CEO Zach Nelson took the stage on the first formal day of the event, announcing that the cloud provider racked up a record performance in the first quarter of 2013 with a 61-percent revenue growth from services companies.

Nelson revealed that SuiteCommerce, its e-commerce platform, posted a 70-percent new business growth in the same quarter. Its SuiteCloud development platform, on the other hand, saw 23,000 applications installed, according to Nelson.

With $190-million cash in the bank, Nelson said the company is looking towards making $408 million in revenues for the whole fiscal year of 2013.

In contrast to NetSuite?s 28-percent growth in the first quarter of 2003, Nelson said SAP?s core license revenue (not including in-memory database software HANA) was down 9.2 percent in the first quarter of 2003.

?There’s also nothing going on Microsoft cloud right now,? the NetSuite executive said.

Nelson also bared new customer wins at SuiteWorld, including Qualcomm, the world?s biggest mobile chip company. Qualcomm?s chief information officer Norm Fjeldheim committed a gaffe, however, when he was called on stage by Nelson to talk about the company?s experience migrating to NetSuite.

Noting NetSuite?s impressive Web-based software, Fjeldheim said: ?If I were Oracle or SAP, I’d be scared.? Nelson quickly quipped, to the crowd?s amusement: ?Just SAP.? Oracle?s Larry Ellison is a major shareholder of NetSuite.

This year’s SuiteWorld attracted 5,000 attendees, which was double from last year’s figures.

At the conference, the company also debuted ?NetSuite for Manufacturers? for firms with a global manufacturing footprint.

The new release promises to bring to market a flexible cloud manufacturing solution, allowing manufacturers to fully run their business end-to-end.

?From customer-facing multi-channel sales to the production floor, the new solution offers manufacturers robust capabilities to more efficiently manufacture, forecast, price, track and schedule products, with a focus on design and a single platform for both B2B and B2C distribution,? it said.

NetSuite also announced a strategic alliance with design software maker Autodesk to deliver manufacturing-specific value-added solutions called SuiteApps to extend NetSuite with specific capabilities.


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