Success of Unified Mid-Market ERP/CRM/E-Commerce System Drives Name Change
San Mateo, CA and New York, NY – September 18, 2003 – The company formerly known as NetLedger, Inc. announced today that it will change its corporate name to NetSuite, Inc. The new name is driven by the success of the company`s NetSuite integrated ERP/CRM/E-Commerce business application for mid-sized companies. The NetSuite product was introduced more than a year ago, and today the majority of the company`s more than 7,000 customers are using the product to run their business operations. NetSuite, Inc.`s products also include Oracle Small Business Suite, an integrated business application for small companies. The Oracle Small Business Suite name is used under license from Oracle Corporation (Nasdaq: ORCL).
Vision, product delivery, and customer satisfaction have been the hallmarks of NetSuite for the past five years. Founded in 1998 by Evan Goldberg and three Oracle colleagues, Goldberg and his seasoned team have successfully built the first Web-based, completely integrated ERP and CRM suite for small and mid-sized companies. In 1999 the company delivered NetLedger, a suite of financial management applications that provided the backbone for future product development. With this solid foundation, the company then broadened the application not only to manage back-office and e-commerce applications, but also to manage front-office sales, support and marketing activities. Since the introduction of the NetSuite CRM/ERP product, the company has grown five-fold in revenues and has surpassed the 7,000-customer milestone, making NetSuite, Inc. the largest application service provider for mid-sized companies.
Our name change from NetLedger to NetSuite is a natural evolution of the company, said Zach Nelson, CEO of NetSuite. While our financial applications are a key product differentiator, we are now better known for helping companies automate their end-to-end business processes. The vision of NetSuite to enable companies to manage their operations in a single, integrated solution permeates everything we do, and our name reflects that vision.
Delivered as an online service, NetSuite enables companies to manage all key business processes in a single system. Delivered as a Web-based service, there is no hardware to procure, no large, up-front license fee, no maintenance fees associated with hardware or software, and no complex set-ups.
Founded in 1998, NetSuite, Inc. is a leading provider of ERP and CRM application software for small and mid-sized businesses. Formerly known as NetLedger, the company`s products include the flagship products, NetSuite and Oracle Small Business Suite, as well as NetERP and NetCRM. The company is the largest application service provider of mid-market business applications with more than 7,000 companies using its products. The company`s products have won many prestigious industry awards, such as the PC Magazine Editors` Choice Awards in 2001 and 2002; PC World Best Bets 2001; PC World 2001 World Class Award; Forbes.com`s Best of the Web 2001 and 2002; and Upside Hot 100 2002. NetSuite also provides enhanced, integrated solutions through its strategic partnerships including Oracle, (Nasdaq: ORCL), Yahoo! Inc. (Nasdaq: YHOO), HP (NYSE: HPQ) and VeriSign (Nasdaq: VRSN). The company`s investors include Larry Ellison, StarVest Partners L.P., ADP and UBS PaineWebber. For more information about NetSuite visit www.netsuite.com.
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