SINGAPORE, Oct. 16, 2012 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP software suites, today announced that it has been named Asia Pacific's Cloud ERP Vendor of the Year for 2012 by Frost & Sullivan. NetSuite won the award ahead of two other short-listed vendors for demonstrating cloud leadership excellence, exemplary performance and growth, both in terms of revenue and employee numbers, throughout Asia Pacific in 2011.
NetSuite is the world's most deployed cloud ERP solution. It provides proven financial management and ERP that easily integrates with an organisation's broader sales and service processes. It takes a business beyond traditional accounting software, streamlining back-office processes and equips them with the visibility they need to make better faster decisions. It automates all back-office processes across financial management, revenue management, fixed assets, order management, billing, inventory management and more. This enables efficient integrated processes from order to cash through to procure to pay.
"NetSuite has performed outstandingly in a fiercely competitive market, with its commitment and achievement in product innovation a clear standout," said Andrew Milroy, Vice President, ICT Research, Frost & Sullivan. "The benefits of cloud-based ERP solutions are becoming better understood throughout Asia Pacific, with over 30 percent of organisations with on-premise ERP solutions planning to move this application to the cloud over the next three years. NetSuite is certainly well positioned to take advantage of this shift in the industry."
The 2012 Frost & Sullivan Asia Pacific Cloud ERP Vendor of the Year Award was awarded to the recipient that is deemed to have excelled by substantially improving performance in the key criteria of revenue growth; degree of innovation with products and technologies; and leadership in market penetration.
"The award from Frost & Sullivan acknowledges NetSuite's proven cloud leadership position and our phenomenal business growth across Asia Pacific," said Mark Troselj, Managing Director of APAC, NetSuite. "As the cloud adoption continues to take off across the region, we have been able to stay ahead of the competition by continuing to focus on innovation and customer excellence. We are proud that our efforts have been recognised by Frost & Sullivan."
Today, more than 12,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-class cloud ERP suites for divisions of large enterprises and mid-sized organisations seeking to upgrade outdated client/server ERP systems. NetSuite excels at streamlining business operations, as demonstrated in a recent Gartner study naming NetSuite as the fastest growing top ten financial management systems vendor in the world. NetSuite has continued its success in delivering the best cloud financials/ERP suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of cloud is accelerating.
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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 the cloud ERP 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 including, without limitation, the risk of continued adverse and unpredictable macro-economic conditions. 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.
SOURCE NetSuite Inc.