Gartner's findings indicate what we have always believed, that mission critical financial and business systems will ultimately be run in the Cloud
San Mateo, Calif. (PRWEB) July 9, 2009
NetSuite Inc. (NYSE: N), a leading vendor of cloud computing business software suites that provide Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and Ecommerce software, today announced that it is the fastest growing Financial Management System vendor in North America amongst the top 10 vendors, according to the latest research from Gartner Dataquest (Market Share: ERP Software, North America, 2008). Despite the tough economic environment, and modest growth in the overall ERP market of 3.4 percent, NetSuite posted 41.1 percent growth in 2008 - its performance sharply contrasting with the results of the traditional on-premise vendors.
For the first time, SAP's North American market share actually declined, and only one other vendor managed to achieve double-digit growth. As the only pure Software as a Service (SaaS) ERP provider in the Gartner Dataquest Financial Management System top 10, NetSuite's growth dramatically outpaced the rest of the group, the majority of whom posted sluggish, low single-digit growth at 6 percent or less. These companies include Microsoft, Exact, Lawson, Deltek, Sage, Epicor and Infor.
"Gartner's findings indicate what we have always believed, that mission critical financial and business systems will ultimately be run in the Cloud," said Zach Nelson, CEO at NetSuite. "And in these tough economic times, the combination of powerful cost savings and time-to-value delivered by Cloud Computing will accelerate this movement."
NetSuite's growth provides clear validation that businesses are increasingly turning to SaaS for their business software. Software as a Service is forecast to have a 19.4 percent compound annual growth rate (CAGR) through 2013, which is more than triple the total market CAGR of 5.2 percent (Source: Gartner Market Trends: Software as a Service, Worldwide, 2008-2013).
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements relating to expectations, plans, and prospects including expectations relating to the future growth of SaaS market. These forward-looking statements are based upon the current expectations and beliefs of NetSuite's management as of the date of this release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and NetSuite disclaims any obligation to update these forward-looking statements.
In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: continued adverse and unpredictable macro-economic conditions or reduced investments in on-demand applications and information technology spending and the risk of technological developments and innovations by others. For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the U.S. Securities and Exchange Commission ("SEC"), including but not limited to the Company's Quarterly Report on Form 10-Q for the period ending March 31, 2009, and any subsequently filed reports on Forms 10-K, 10-Q and 8-K. All documents are available through the SEC's Electronic Data Gathering Analysis and Retrieval system ("EDGAR") at http://www.sec.gov or NetSuite's Web site at http://www.netsuite.com .
For more information about NetSuite, please visit http://www.netsuite.com .
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