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NetSuite

NetSuite – The Leading Cloud-based Business Management Software Providers.

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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.

NetSuite
Image source: erpsoftwareblog.com

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.

NetSuite

The Acquisition Of Netsuite Made Oracle A Bigger Company

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With the emerging IT industry in India and abroad as well, many new companies are coming up rapidly. Some of the dreams of making their company bigger and some of them after earning dollars sell the company. But, the immense potential of internet, data, and telecommunication has increased the scope for employment as well. Especially went it comes to services like data storage, data security, cloud computing, etc.

Oracle has always been a very famous company in the IT sector. But, after the acquisition of NetSuite in 2016, it has become a more prominent service provider in the world. NetSuite is a cloud computing company founded in 1998. Evan Goldberg founded the company to improve the services provided by a business. Zachary Nelson joined the company in 2002 and under his leadership, the company filed its first successful IPO. It built software that helped the business to manage their finance, improve relationships with customers, etc.

Currently, NetSuite operates under the parent company, Oracle. It is exclusively a company based on cloud-based management.

Evan Goldberg

Evan Goldberg went to Harvard University to acquire his bachelor’s degree in Applied Mathematics. Evan’s career started with joining Oracle in 1987. His position in the company was a Software Engineer at the beginning and eventually, he became the Vice President of the company. He left the company in 1995 and founded mBed Software in the same year. Evan founded NetSuite in 1998 and currently, he is the EVP of the company (Oracle NetSuite).

Zachary Nelson

Born into a family in Nebraska, Zachary belonged to a very huge family. Zachary pursued his higher studies in biology and acquired both his bachelor’s and master’s in the same from Stanford University. His field of higher studies and careers were diametrically opposite of each other. After completing his studies, he went for marketing, finance, sales, etc.

He worked at companies like Sun Microsystems, McAfee, Oracle Corporation, Cunningham Communication, etc. Zachary worked at Oracle for many years and he became the VP, World Wide Marketing at Oracle. Also, he broke the record of becoming the youngest VP in the history of Oracle. He joined NetSuite in 2002. Apart from running big companies, he is also a big investor.

The History

When Evan initially founded the company, he named it NetLedger. Evan, from his past experiencing, was evidently from a finance background and hence NetLedger focused on accounting as well. In brief words, NetLedger provided web-hosted accounting software. But, there are a lot of operations under the finance section of a company. So, to make sure NetLedger can provide a company’s all these essential functionalities, Evan decided to expand.

He kept on adding features, and the company eventually became more versatile. And, all these products were added in the list before the term “cloud computing” even came into play. But, it seems like an idea always existed, new terms just came in. Evan established the company with financial support from Oracle.

Funding and Growth

Then CEO of Oracle, Larry Ellison, helped Evan in many ways to set the company. Evan was provided with both the seed funding as well as employees from Oracle to start NetLedger. He received a seed funding of $125 million from Oracle. Initially, Oracle licensed the company. But, it didn’t seem like a good idea and they called it off.

NetSuite gained unexpected popularity because it is considered as the first-ever company to come up with cloud computing. The company started providing related services even the term was introduced. So, the clients of NetSuite were in a very advantageous position of using such software.

In July 2002, Zachary Nelson became the CEO of the company. And, he drove NetSuite’s annual revenue to $1 billion from $1 million.

The company under Zachary Nelson

Under Zachary Nelson, the company’s first successful IPO was led by him in 2007. NetSuite then was no more a start-up but a big powerful company. By 2017, the company’s annual revenue summed up to $1 billion. Under his leadership, the company made many big acquisitions which include OpenAir in 2008, TribeHR in 2013, and Bronto Software in 2015.

In July 2016, Oracle announced that it will be acquiring NetSuite for $9.3 billion. The deal was closed in November. The headquarters of the company is in California and currently, it has around 600 employees.