Partners Vital to NetSuite’s Growing Cloud Business
Partners Vital to NetSuite’s Growing Cloud Business by UCStrategies Staff
NetSuite is continuing its attempt to push growth in the United States and abroad, and CEO Zachary Nelson has recently stated that partners are vital for its broadening practice.
The company’s partners are key to ensuring its growth, and driving the cloud software company’s financial, enterprise resource and customer relationship management tools to customers.
The worldwide channel business from NetSuite has increased by over 70 percent since last year’s Q2, according to Nelson, and year-over-year, the company’s revenue grew 35 percent to $101 million.
The loss for the second quarter of 2013 was $20.4 million, or 28 cents per share on a GAAP basis, which contrasts with the same quarter last year, which saw a net loss of $9.9 million, or 14 cents per share.
Non-GAAP net income for Q2 2013 was $4 million, or 5 cents per share; in the same quarter last year it was $4.8 million, or 6 cents per share.
The mid-market and large systems integrators were part of the overall growth, and this includes, most notably, the multinational company Capgemini, which registered in Q2 as an SI partner.
Nelson said: “The Capgemini partnership is indicative of NetSuite's continued move upmarket, as well as our plans to aggressively expand internationally. We intend to drive aggressive growth overseas, in areas such as continental Europe and Capgemini will be an important part of that effort.”
Seventy-five percent of the revenue for San Mateo, California-based NetSuite is represented by the U.S. market, and international sales in Q2 generated one-fourth of revenue as companies in Europe, Asia, Australia and New Zealand migrated to the cloud.
The channel-only program from NetSuite will be expanded by the company in those countries, according to Nelson. NetSuite also sought to broaden the reach of its contract management sector in Q2, which ended on June 30.
A new version of its software designed for manufacturers was unveiled by NetSuite, and the integration of Autodesk's PLM 360 with NetSuite for manufacturers was also announced.
NetSuite also noted that it would be working with Oracle and Deloitte, the prominent financial services company, to improve HR management solutions for businesses. (CY) Link