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 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, 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.”
Source: NetSuite