Oracle NetSuite Corporate Communications
Senior Director, Global Communications
Actian and MongoDB Move to NetSuite OneWorld to Gain Scalability and Agility
SAN MATEO, Calif.—March 17, 2015—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced recent high-growth customer wins deploying NetSuite OneWorld’s single, unified cloud-based business management suite to replace Intacct accounting software. These new wins include companies such as big data analytics vendor Actian, and enterprise database provider MongoDB. Both companies turned to NetSuite OneWorld to realise such key benefits as: rich international product capabilities including global financial consolidation, subsidiary management and transactions in more than 190 currencies, support for 19 languages and tax compliance across more than 50 countries; NetSuite's SuiteCloud platform that provides powerful and flexible customization and integration to meet the diverse and ever-changing needs of a business and enable seamless third-party integrations; richer and deeper product functionality across the entire suite.
These companies are now relying on NetSuite OneWorld to run mission-critical business processes including financial consolidation, revenue recognition, billing, reporting and support for multiple currencies, multiple languages and tax compliance, while gaining real-time insight into critical business information for better business decision making. These companies also leveraged NetSuite's powerful and flexible SuiteCloud development platform to customise the solution to meet each business's unique needs, as well as its robust capabilities that allow it to integrate with other complementary software solutions. Additionally, NetSuite's world class global customer support and seamless system upgrades allow NetSuite customers to maintain their competitive advantage.
As a result, each of these high-growth companies has gained:
NetSuite OneWorld enables high-growth global businesses to:
Actian and MongoDB are among many high-growth companies realizing significant benefits after replacing Intacct with NetSuite:
Actian (www.actian.com), a Redwood City, Calif.-based provider of an end-to-end analytics platform for big data with more than 10,000 customers around the world, has gained new control and agility since implementing NetSuite OneWorld in August 2014 to replace an Intacct system used since 2007. NetSuite OneWorld provides Actian with more robust and sophisticated capabilities to manage more than 12 subsidiaries, including offices in Australia, Brazil, France, Germany, India, The Netherlands and the U.K, and transact in over a dozen currencies. In addition, Actian has significantly improved foreign tax reporting and compliance by upgrading to NetSuite OneWorld. With NetSuite OneWorld as its financial system of record, Actian has streamlined recognition of complex revenue from subscription, perpetual and term licensing across both cloud and on-premise products. Flexible, accurate billing through NetSuite OneWorld helps meet unique customer requirements, while NetSuite Financial Planning improves budgeting and planning. NetSuite’s SuiteCloud Development Platform also provides Actian with the flexibility to seamlessly integrate NetSuite and Salesforce.com using an in-house-built connector that has eliminated the manual work required with Intacct, and a solution from NetSuite partner Avalara which speeds and simplifies tax reporting and remittances in the U.S.
"NetSuite gives us an enterprise-grade back office that can scale. We're much better equipped to handle growth, complexity, revenue recognition, billing and planning than we would have been if we hadn't made the move to NetSuite OneWorld," said Steve Springsteel, CFO at Actian. "NetSuite OneWorld has been extremely helpful in enabling us to invoice in multiple currencies and comply with taxation and statutory requirements of foreign governments. Integrating NetSuite with Salesforce has eliminated the manual work we had to do with Intacct."
MongoDB (www.mongodb.com), the world’s fastest-growing next generation database, moved to NetSuite OneWorld in September 2014 for increased insight into financial controls, revenue recognition, currency conversions and auditability.
MongoDB's rapidly growing ecosystem includes more than 9 million downloads and thousands of customers around the world, including Expedia, Forbes, MetLife and ADP. With NetSuite OneWorld in place, MongoDB strengthened its visibility and control over global operations, including 12 subsidiaries across Europe, Asia, North America and Australia, transactions and reporting in more than 10 currencies, and VAT taxation compliance in several European nations.
With dual headquarters in New York and Palo Alto, Calif., MongoDB streamlined both revenue recognition and billing with NetSuite OneWorld, improving speed and accuracy. Additionally, MongoDB implemented the NetSuite OpenAir PSA solution, replacing spreadsheets, a Google Calendar and a homegrown application and integrating with NetSuite OneWorld to improve services reporting and execution. NetSuite’s flexible SuiteCloud Development Platform enables MongoDB to significantly improve integration with third-party applications, driving greater overall business efficiency.
"By upgrading to NetSuite OneWorld, we now have real-time visibility into consolidated financials across all our subsidiaries, and we have greatly improved our operational and time efficiencies," said MongoDB Corporate Controller Tom Bull. "NetSuite provides us with more flexibility and capabilities for revenue recognition, so we can perform more in-depth and robust analysis. Going forward, we have complete confidence in our NetSuite OneWorld system and we are ready and able to scale to handle the next big thing for our company."
Today, approximately 24,000 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, CRM and omnichannel software suites for mid-sized organisations, large enterprises and divisions of large enterprises seeking to upgrade their antiquated client/server ERP and other 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.
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