NetSuite celebrates record results

James Stirling News
3 Feb, 2012

The ERP specialist reports over $235 million revenues for 2011, with record revenues for the fourth quarter.

NetSuite today announced record revenues for both its 2011 results and fourth quarter figures.

The US firm, which specialises in cloud financial and Enterprise Resource Planning (ERP) software, reported $64.1 million (£40.6 million) revenues for the last three months of 2011 – up 23 per cent year-on-year – as well as $236.3 million for the entire year – up 22 per cent year-on-year.

Both amounts broke records for the company, leading chief executive (CEO) Zach Nelson confident in his company’s position.

"NetSuite's Q4 showed the benefit of being the disrupter rather than a disruptee, as our cloud computing suite continued to take market share from traditional mid-market and enterprise ERP vendors,” he said.

"As we enter 2012, I believe we are the best positioned company to benefit from the shift to the cloud as customers abandon aging mission critical systems designed before the web existed and move to NetSuite."

Other headline figures from the results call included a 99 per cent rise in operating cash flow since 2010 – hitting $36.3 million – as well as subscription and support revenue growth of 23 per cent for the fourth quarter – equating to $54.2 million.

However, the last three months of 2011 still showed a net loss of $7.6 million – higher than the $6.4 million of 2010.

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