Zach NelsonAnd yeah, yeah, it was a good quarter, but the big news from this week’s quarterly earnings webcast was that NetSuite will introduce a new user interface in 2014. “Later this year, we plan on rolling out our next generation interface,” said CEO Zach Nelson. “It will make NetSuite the easiest and most enjoyable business application to use anywhere.” The other thing notable was it seemed Nelson might avoid taking a whack at the competition. But what a relief, at 40.04 minutes into a 50.40-minute long event, Nelson talked about when companies are “ready to upgrade out their legacy stone age SAP or Sage implementation”.

And he got in some more good hits in the last 10 minutes. For the numbers: NetSuite reported a GAAP loss of $23.2 million for the second quarter ended June 30, up from $20.4 million a year ago. The non-GAAP net was $4.8 million, up from $4 million Revenue in the most recently ended period hit $131.8 million, an increase of 30.8 percent from just under $101 million the prior year. NetSuite did something unusual regarding its recent purchase of British eCommerce player Venda. The company had not released terms but CFO Ron Gill said market estimates were wild so he revealed the total at $50.5 million in cash and stock with outside revenue estimates “well off the mark”. Venda will add $5 million in incremental revenue for the rest of the year. Otherwise, international is the next big growth area. Nelson noted that about 24 percent of revenue is from outside the United States. “We have critical mass in England,” he said. But it will take significant investment to move into other markets. To succeed in Germany, Nelson said NetSuite needs to “hire German sales people and German sales engineers.”

Last modified on Friday, 25 July 2014
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Bob Scott

Bob Scott has been informing and entertaining the mid-market financial software community with his email newsletters for 10 years. And he has been covering this market through print publications for 18 years, first as technology editor of Accounting Today and then as the Editor of Accounting Technology from 1997 through 2009. He has covered the traditional tax and accounting profession during the same time and continues to address that as executive editor of the Progressive Accountant.

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