LONDON, Nov. 10, 2014 /PRNewswire/ -- NETSUITE SUITECONNECT -- NetSuite Inc. ( NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that Shazam, the leading media engagement company and maker of one of the most downloaded apps of all time, has implemented NetSuite OneWorld to replace its legacy financial systems. Shazam is using NetSuite OneWorld to run its core financial processes including consolidation across its subsidiaries in the UK, US and Australia, multi-currency (British pound, US dollar, Australian dollar) purchasing, revenue recognition, and multinational tax compliance – all within a single unified software system. With NetSuite OneWorld, Shazam has gained the agility, flexibility and scalability it needs to grow and expand the business globally, and to develop a real-time and unified view into its global business operations.
Backed by leading venture capital firms, including Kleiner Perkins, Caufield and Byers, Institutional Venture Partners, DN Capital and also America Movil, Shazam began as a service that allowed users to dial a phone number, hold their phone up to a musical source and receive a text message telling them the song title and artist. After becoming one of the first apps on the Apple App Store, and now available on the Android and Windows mobile app marketplaces, it generated explosive growth which is sustained to this day and recently achieved the milestone of 100 million mobile monthly active users. Shazam has widened its business model to provide interactive capabilities for television advertising and media engagement.
"With NetSuite, we have visibility into our financials in multiple currencies with fast and easy drill-down to the detail" said Clare Jarvis, finance director at Shazam. "The implementation of NetSuite OneWorld was smooth and very quick, and we are looking forward to integrating it with our other systems as we work toward real time reporting capability."
Shazam selected NetSuite OneWorld over competing products to streamline its business and create transparency. Implemented in February in just five months, NetSuite OneWorld is providing Shazam with the agility, flexibility and scalability it needs to transform its business. NetSuite OneWorld provides Shazam with the following features and benefits:
Greater business visibility. Shazam's management can see at-a-glance cost and revenues across multiple subsidiaries and currencies, and drill down into details on an as-needed basis.
Eliminating significant IT cost and complexity. NetSuite's proven, secure cloud solution eliminates the hassles of managing, maintaining and upgrading software and enables Shazam to provide multisite access to the system without additional IT resources.
Greater ease of use. Shazam's finance team is able to easily leverage NetSuite OneWorld, which is modern and intuitive.
Speed of implementation. NetSuite OneWorld gives a business the agility it needs to get up and running at the subsidiary level very quickly. The rapid implementation can allow Shazam to add new business units or subsidiaries, and additional users with minimal configuration and IT resource.
Global financial consolidation. NetSuite OneWorld provides visibility across Shazam's subsidiaries in the US and Australia with one financial system of record.
Real-Time analytics and reporting. Real-time analytics can provide Shazam insights into financials. Executives will be able to access information at any time, from anywhere, right from within NetSuite.
Today, more than 20,000 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 financials/ERP suites for divisions of large enterprises and mid-sized organisations seeking to upgrade their antiquated client/server ERP systems. NetSuite continues its success in delivering the best cloud ERP/financials suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud is accelerating.
Shazam is one of the world's most popular apps that connects people to the world around them through their mobile and Mac devices. When a user Shazams a song or TV show, they are able to identify, explore, purchase and share that content. One of the world's top apps, Shazam has been downloaded onto more than 500 million mobile devices, exceeds 100 million mobile monthly active users, and is growing by over 13 million new users each month.
For more information about NetSuite, please visit www.netsuite.co.uk.
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SOURCE NetSuite Inc.