The past thirty to forty years have been the years of growth for the IT industry. With time, the size of the computer started to decrease, whereas the storage capacity of these computers started to increase. Slowly computers reached almost every person’s home, and all the industries were using them. This led to the increase in demand for storage, and cloud technology came to the rescue. Many companies tried their hands on this new technology, and now, they are a few of the famous ones. NetSuite is one such company that has been there for about thirty years, providing cloud computing services to its clients. NetSuite is an American cloud computing company that became part of Oracle in 2016.
About the Company
Evan Goldberg founded NetSuite as NetLedger in 1998 in California, US. Currently, it operates as the subsidiary of Oracle Corporation, having its headquarters in Redwood Shores, California. The company started as a business consultancy firm and provided services, like business finances, operations, and customer relations, etc., small and medium-sized enterprises being its target customers. Later, the company grew to become one of the leading Cloud-based business management platform providers.
The product range of NetSuite includes accounting software, applicant tracking system, customer relationship management, e-commerce enterprise resource planning, human resource management system, etc.
Founding of NetSuite
Evan Goldberg founded NetSuite in 1998 in California as NetLedger in a small office above a hair salon next to a liquor store. In the very beginning, the company was providing web-hosted accounting software, Oracle CEO Larry Ellison being one of the major investors in the company. Ellison had put all his money into the venture.
The very next year of the founding of the Company, it started to work on Cloud-computing, technically making Company the first cloud computing software company. After successfully running as a leading cloud-computing company, it went public in December 2007 on NYSE.
In the next few years, Company expanded its operations overseas, establishing offices in countries like Denver, Chicago, New York, Boston, Toronto, the Philippines, etc. In November 2016, Oracle acquired Company for a sum of US$9.3 billion, transforming the company into Oracle NetSuite Business Unit. After the acquisition, the founder and CEO Evan Goldberg became the President of the Oracle NetSuite Business Unit.
The Company’s expansion included some major acquisitions. Some of the NetSuite’s acquired companies include OpenAir (2008), QuickArrow (2009), Retail Anywhere (2013), TribeHR (2013), LightCMS (2013), Venda (2014), eBizNET Solutions (2014), Bronto Software (2015), and Monexa (2015), etc.
NetSuite is known for custom development of software for its clients on basis of their needs. The products by NetSuite are able to manage management reporting, human resources management, accounting, billing, payroll accounting, sales tools, etc. The cloud support for all the software extends the scope of the NetSuite software.
The Founder
Evan Goldberg is the founder of NetSuite Inc. He is a Harvard graduate having a degree in Computer Science. Goldberg started his career at Oracle as a member of the database team at the company. He met the future investor for NetSuite, Larry Ellison at Oracle, as he was one of the interviewers for Goldberg. After switching to various roles in Oracle, he became the vice president role at Oracle for the launch of mBed Software.
While working at Oracle, Goldberg had already developed the idea of NetSuite. He left his job at Oracle in 1995 to found a website development company. Though the company failed to make any mark, it helped Goldberg grow as an entrepreneur. NetSuite was his next venture, and Larry Ellison also showed his interest in the same. He invested $2000 in the company, and they founded NetSuite as NetLedger in 1998.
Goldberg served NetSuite as the CEO from the beginning, and in 2016, after Oracle acquired the company, he became the President of the newly formed Oracle NetSuite Business Unit.
Yashica is a Software Engineer turned Content Writer, who loves to write on social causes and expertise in writing technical stuff. She loves to watch movies and explore new places. She believes that you need to live once before you die. So experimenting with her life and career choices, she is trying to live her life to the fullest.