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Business Software: More than One-Third of JMP Securities' Hot 100 Private Software Companies Use NetSuite


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Business Software: More than One-Third of JMP Securities' Hot 100 Private Software Companies Use NetSuite

March 29, 2011
By Jamie Epstein, TMCnet Web Editor
 

NetSuite (News - Alert), a provider of cloud-based financials / ERP software suites today announced that more than one-third of the companies that made it on JMP Securities’ Hot 100 Best  Privately Held Software Companies list are using NetSuite’s business software in order to run crucial business processes, from order-to-cash, subscription renewals, billing, financial reporting, to revenue recognition and professional services automation.


These companies are picked by JMP Securities (News - Alert); a boutique investment bank based in San Francisco, because they are the software industry’s current leading private software companies. Some of these popular software companies include Alert Logic, Splunk (News - Alert), Eloqua and Host Analytics—which all use NetSuite to manage their crucial business needs, which helps to drastically increase growth.

Previously, software companies’ financial and business operations could not grow at as fast a speed as the companies would like, due to the timely on-premise software and manual processes. On-premise software simply cannot provide the scalability needed for businesses to continue to grow at a rapid rate. Many software companies still use spreadsheet-driven processes to manage billing, purchases, expenditure approvals, financial reporting, contract renewal, professional services automation and revenue recognition—which is extremely inefficient. Plus, it’s very expensive to install and maintain on-premise software.

NetSuite can offer the perfect combination of scalability, flexibility and cost-effectiveness. NetSuite’s cloud-based ERP suite can run important business processes for hundreds of the software companies, including big name public SaaS (News - Alert) companies such as RightNow and SuccessFactors . NetSuite OneWorld was designed to meet the needs of global software companies, and allows for support for real-time multi-subsidiary financial consolidation and reporting, multi-currency, multinational taxation rules and unified real-time views into the business performance of each and every subsidiary, a press release stated.

"Privately-held software companies continue to choose NetSuite not only because of the superior capabilities for their business needs today, but for their successful evolution and exit strategies of the future," said Ron Gill, NetSuite CFO. "Many members of previous Hot 100 lists have been purchased or gone public after building their business on NetSuite technologies, and we expect to continue to be the enterprise technology provider of choice for innovators with vision and high business aspirations."


Jamie Epstein is a TMCnet Web Editor. Previously she interned at News 12 Long Island as a reporter's assistant. After working as an administrative assistant for a year, she joined TMC (News - Alert) as a Web editor for TMCnet. Jamie grew up on the North Shore of Long Island and holds a bachelor's degree in mass communication with a concentration in broadcasting from Five Towns College. To read more of her articles, please visit her columnist page.

Edited by Janice McDuffee
 
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