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NETSUITE PAID $5M FOR RETAIL ANYWHERE
NetSuite paid $5 million in November when it purchased assets from Retail Anywhere, which makes online POS systems. This was not previously reported but appeared in the company’s form 10-K for the year 2012. There is another $1.3 conditional cash payment being withheld for up to 15 months. NetSuite said it also acquired two small South American companies to help develop its ecommerce vertical and it purchased assets related to those two for $4 million in cash.
It is holding on to another $2.2 million in cash for up to 10 years. These withheld payments all relate to possible breaches of representations and warranties in the purchase agreements. Noted from the 10-K that the value of the rights NetSuite has to place its logo on the Oracle Racing Team’s sailboat was $33,000 in 2012 and in 2011 and about $75,000 to $95,000 in 2010. That latter year was the year BMW Oracle racing won the America’s cup so the value must go down in off years. Since 2013 is the 34th America’s Cup, I presume it will go back up. Oracle Team USA gets to defend the title in September. I noted a Wikipedia article says there has been an effort to limit costs but it still estimates that to mount a challenge costs a team more than $100 million.
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