NetSuite I.P.O. Generates $185 Million
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NetSuiteâs initial public offering raised $185.4 million, close to double the amount the company originally forecast the I.P.O. would generate.
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NetSuite has raised the estimated price range for its initial public offering, now being conducted online.
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(InfoWorld) - NetSuite, a provider ofÂ hosted applications for midsize businesses, will announce Thursday that it has beefed up the electronic commerce capabilities of its software suite and has teamed up with online auction giant eBay Inc. in order to attract larger electronic retail (e-tail) customers. The on-demand vendor offers a combination of applications targeting customers whose businesses have outgrown Intuit's QuickBooks accounting software, but aren't looking to take on the complexity of enterprise applications provided by vendors like SAP and Oracle. To date, NetSuite's e-commerce capabilities have been aimed at electronic retailers whose Web sites generate average annual revenue of under $10 million. "We're now releasing features to target larger, midsize e-tailers, not just B2C [business-to-consumer], but also B2B [business-to-business]," Zach Nelson, NetSuite's CEO, said in a recent interview. "What we're offering is the full multi -- multisite, multilanguage, and multicurrency," he added. Many larger electronic retailers are running tens of Web sites and have previously had to integrate each of those sites separately with their back-end ERP and CRM applications, Nelson said. Going forward, NetSuite users will be able to publish different Web sites from a single NetSuite account, each site featuring its own products, domain name and specific look and feel. In terms of languages, NetSuite will support Chinese, French, German, Japanese, Russian, and Spanish. NetSuite also announced a partnership with eBay to tightly integrate the auction site's online marketplace with NetSuite's applications suite. The integration will make it easier for users of NetSuite's applications to list and sell items on eBay, monitor live eBay auctions from within their NetSuite software, and then automatically create customer records and sales orders once an auction is completed. The two companies will offer the combination of their technologies to eBay's high-volume sellers who are called Power Sellers, Nelson said. The upper limitation for NetSuite's new e-commerce offerings going forward will likely be sellers with annual revenue of between $200 million and $300 million or those receiving more than 10,000 orders per day, Nelson said. However, he added that NetSuite already has several customers whose revenues are several billion dollars, notably integrated circuit vendor Linear Technology and ink and toner cartridge refill supplier Cartridge World. Nelson does see NetSuite's applications rivals getting more serious about appealing to electronic retailers. For instance, Oracle has its iStore e-commerce application, whileÂ SAP acquired e-commerce vendor PraxisÂ in November and Salesforce.com is turning its AppExchange Web site into a fully functioning online marketplace for hosted software. Â
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(InfoWorld) - With a promise to create new types of online banking services, financial software vendor Intuit has agreed to buy financial services provider Digital Insight for $1.35 billion in cash. Intuit makes the Quicken and QuickBooks financial management software, while Digital Insight provides outsourced Internet banking services to thousands of financial institutions. The companies will build closer ties between the workflows in Intuit's software and the services from Digital Insight, in a bid to make banking online better for consumers and small businesses, they said in announcing the deal on Thursday. "The next generation of online banking will give a more personalized and intelligent user experience that looks more like Amazon or eBay than most financial institutions do today," said Jeff Stiefler, Digital Insight's chairman, president and chief executive officer, in a conference call. Through the deal, Intuit hopes to grow its revenue by persuading more banks to outsource their online banking services instead of building their own, said Steve Bennett, Intuit president and chief executive officer. Intuit has agreed to pay $39 in cash for each share in Digital Insight, a premium over its closing share price of $33 on the Nasdaq stock market Wednesday. The companies together will serve close to 5,000 financial institutions, 25 million consumers and 7 million small businesses, they said. Digital Insight will continue to operate from its facilities in California and Georgia. Its business will be part of a new financial institutions business division within Intuit, with Stiefler serving as its president. The companies expect to close the deal in the first quarter next year, subject to regulatory review, the approval of Digital Insight shareholders, and other closing conditions. Digital Insight grew its revenue by 16 percent in the third quarter of 2006, to $61.9 million, although it reported a loss on a GAAP (generally accepted accounting principles) basis, of $0.76 per share, including expenses related to stock options and a large impairment charge.
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The military contractor posted net income of $489 million, paced by sales gains at its shipbuilding and information technology units.
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NetSuite, Inc., today announced NetSuite 10.0, delivering new capabilities that have never before been available in a business application -- whether delivered as an Internet service or an on-premise solution.
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Blackstone Group LP, the private equity firm that bought Equity Office Properties Trust in the biggest leveraged buyout ever, has sold 53 buildings in Washington, D.C., Portland, Ore., and Seattle for $7.55 billion, said three people with direct knowledge of the transactions.
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BearingPoint won a $229 million contract to build an ERP-like system to manage the Department of Homeland Security's financial resources and assets, which were inherited from 22 different agencies.
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Syniverse Technologies in Tampa signed a purchase agreement to acquire EDS Interoperator Services North America for approximately $57 million payable in cash.
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SAP has landed a $35 million deal to help the US Postal Service overhaul its human resources systems. According to sources close to the deal, the agreement includes a $21 million consulting component, and
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NetSuite's initial public offering raised nearly double the forecasted amount of money.
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Banking and insurance conglomerate ING GroupÂ has finalized contracts worth â¬750 million ($994 million) with a consortium of companies to provide workspace services for its 53,000 employees in Europe.
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The Redmond, Wash.-based company said it earned $2.9 billion, or 27 cents per share, on revenue of $9.19 billion for the three months ended Sept.
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InfoWorld - NetSuite, a provider of&#160;hosted applications for midsize businesses, will announce Thursday that it has beefed up the electronic commerce capabilities of its software suite and has teamed up with online auction giant eBay Inc. in order to attract larger electronic retail (e-tail) customers.
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NetSuite Inc , a business  software maker majority-owned by Oracle Corp  Chief  Executive Larry Ellison, surged almost 37 percent in its market  debut on Thursday, a day after its initial public offering  priced far higher than expectations.
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(InfoWorld) - Hosted business software provider NetSuite hopes to raise $75 million in an initial public offering. The company, started in 1998 by two former Oracle executives, plans to use the money for working capital, to pay the balance of a line of credit, and possibly to acquire other businesses or technologies, the company said in a filing made on Monday with the U.S. Securities and Exchange Commission. NetSuite, which targets its hosted CRM and ERP software at small and medium-size businesses, hasn't yet turned a profit. It reported revenue of $67.2 million and a net loss of $23.4 million for 2006 The company competes with giants such as Salesforce.com, Microsoft, SAP, and Intuit. NetSuite also competes with Oracle, even though Oracle's founder and chief executive officer Larry Ellison controls about 74 percent of NetSuite, individually and through his family members and an investment entity. NetSuite notes that Ellison will continue to have control over most matters that require stockholder approval, such as the appointment of the majority of directors of the company and potential acquisitions. His interests could differ from other stockholders, NetSuite noted. The SEC filing includes a long list of other risks to NetSuite's business in the future, including the likelihood of increased competition as more companies will probably enter the business. NetSuite will have to continue to convince medium-size businesses to use software as a service rather than buy software outright, and the company will have to upsell to those customers in order to grow the business, it said in the filing. NetSuite's success in the future also is dependent on companies that it relies on, including Oracle, which supplies database software that NetSuite uses, as well as telecommunications operators that deliver the service to end customers, the company said.
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The investment bank reported $3.17 billion profit for the fiscal fourth quarter, driven by gains in its investment banking and financial advisory segments.