Rising Demand for #1 Cloud ERP Fuels Growth in Singapore and Hong Kong
Announcing New Product, New Partners and New Customers
SINGAPORE—May 30, 2016—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, strengthened its commitment to the Asia region with new a global product, new channel partners and new customer announcements at its CXO Summit being held in Singapore. NetSuite introduced NetSuite OneWorld for Singapore and Hong Kong as well as for multinationals doing business across Asia. In addition, the company announced new partners joining NetSuite’s vibrant partner ecosystem and new customers running their mission critical business processes on NetSuite cloud ERP. The combination of the rising demand among regional businesses for NetSuite cloud ERP, partners’ desire to thrive in the cloud model created by NetSuite, and Southeast Asia’s business-friendly environment and free trade is driving NetSuite’s accelerated business growth in Asia.
“Our long history in Southeast Asia and the dynamic business environment that has emerged in recent years, make expansion in the region a strategic imperative in NetSuite’s next phase of international growth,” said NetSuite CEO Zach Nelson. “Our announcements today demonstrate the success we’ve seen already and our deep level of commitment moving forward.”
Since it first entered Singapore in 2005, NetSuite has established a strong footprint in Asia and has taken the lead as the #1 cloud ERP software vendor in the region. Due to NetSuite’s powerful OneWorld product, NetSuite has a large number of global enterprise customers operating subsidiaries in Asia. In Singapore, NetSuite has more than 212 subsidiaries and legal entities of companies like Mazars and American Express Global Business Travel running their mission critical business processes on NetSuite OneWorld, and more than 150 in Hong Kong. The NetSuite OneWorld solution provides companies with multi-subsidiary management and global financial capabilities to run business operations in the region in a two tier model, implementing NetSuite at the subsidiary level while maintaining their legacy, on-premise systems at headquarters.
Singapore is widely seen as the business hub for Southeast Asia for its world-class infrastructure, high mobile and Internet penetration and strong government support for business. There is also a tremendous opportunity for growth with the establishment of the ASEAN Economic Community (AEC) in 2015, creating a regional economic force. With AEC, the borders of member states (Singapore, Malaysia, Indonesia, Philippines, Thailand, Vietnam, Brunei, Cambodia, Laos, and Myanmar) were officially opened to the free flow of trade, labour and capital, creating an enormous market: the region has over 622 million people, and when combined, has a GDP of USD $2.6 trillion, making it the third largest economy in Asia (behind China and Japan) and the world’s seventh largest. The lowering of trade barriers and tariffs creates a more competitive environment for local businesses as nimble new entrants or well-capitalised multinationals enter the market.
Hong Kong, widely viewed as a gateway to China, has been the ASEAN region’s largest trading partner since 2009, while ASEAN has been China’s third-largest trading partner, thanks to a Free Trade Agreement between the two. The combination of a unified AEC and growing demand from the Chinese market creates a huge opportunity for businesses in the region.
“Businesses in Hong Kong and Singapore are already reaping the rewards of open trade and global expansion,” said Zakir Ahmed, Vice President and General Manager, NetSuite Asia. “NetSuite OneWorld is giving these businesses the flexibility and agility to fully capitalise on the current cycle of growth.”
NetSuite works in close collaboration with its channel partners in Asia to combine strong skillsets in cloud computing, end-to-end business processes, local, regional, global, and industry knowledge for the benefit of customers. NetSuite continues to make significant investments in its existing partners and to recruit additional partners to meet the growing demand for the #1 cloud ERP from companies across the region. As partners seek to thrive in a cloud model, they turn to NetSuite for business model transformation to fully capitalise on the revenue growth opportunity of the NetSuite cloud. The growing list of NetSuite’s channel partners in the region today added the following companies:
New customers announced today include Image Mission, Treknology Bikes 3 Pte Ltd., Hong Kong Express and Cosmosupplylab
Image Mission, an organisation that serves as an affiliate of international nonprofit organisation, Dress for Success® Worldwide, which has 142 affiliates in 20 countries worldwide, has deployed NetSuite to help transform its business operations, enabling the organisation to focus on its social mission of empowering underprivileged women, not on IT infrastructure. Through a NetSuite.org software donation, Image Mission is using NetSuite for accounting, inventory management and CRM, enabling the charity to streamline and manage its customer and donor database, as well as its volunteer support program more efficiently. Three months after deploying NetSuite, Image Mission has tripled its client portfolio.
Treknology Bikes 3, Singapore-based Treknology Bikes 3 Pte Ltd, a supplier of road, mountain and race bikes as well as accessories and clothing, has gone live on NetSuite OneWorld. The company replaced MYOB Retail Manager and other basic accounting packages with NetSuite OneWorld to manage mission-critical business processes, including financials, accounting, order management, inventory management, CRM, shipping, real-time reporting, point of sale (POS), and financial consolidation and multi-country tax compliance for two warehouses and six showrooms across four subsidiaries in Singapore and Malaysia and multi-currency capability for USD, Singapore Dollar and Malaysia Ringgit. As a result, the retailer has gained operational efficiency, a 360-degree view of its customers and a better ability to respond to customer demands with maximum levels of accuracy.
Hong Kong Express, Hong Kong’s first and only dedicated low-fare airline, has implemented NetSuite OneWorld to support its ambitious plans for growth. HK Express selected NetSuite OneWorld for its speed of implementation, low cost of ownership, real-time business intelligence and reporting, as well as the breadth and depth that NetSuite OneWorld provides in financial reporting, multi-currency management (Hong Kong and US dollar, Chinese yuan, Japanese yen, South Korean Won, Cambodian riel and Vietnamese dong) and budgeting—all within one unified cloud system. With NetSuite OneWorld, HK Express is well positioned to continue to expand.
Cosmosupplylab, an industry leader in product design and development for advanced engineered soft-goods, mobile device storage and accessories, has implemented NetSuite OneWorld to fuel its global expansion and growth. Cosmosupplylab is using NetSuite OneWorld to manage mission-critical business processes, including financial consolidation, multi-language support for English and Chinese, multi-currency for the US, Australian and Hong Kong dollar, Chinese Renminbi and the Euro, and multi-subsidiary management for its head office in Hong Kong and subsidiary in mainland China.
New Product: NetSuite OneWorld for Hong Kong and Singapore
NetSuite OneWorld gives today’s businesses the ability to expand and transform their organisations and reinvent their business models to meet the ever-changing demands of their markets and the expectations of their customers. NetSuite OneWorld supports tax compliance in more than 100 countries, 20 languages and 190 currencies, along with the capabilities for global businesses to transact in more than 200 countries and dependent territories around the world. It allows multinational corporations in the region to efficiently manage their subsidiaries without the high upfront costs and deployment hassles of on-premise software.
NetSuite OneWorld for Hong Kong and Singapore is localised and designed to meet the business, regulatory and tax compliance needs of regional businesses. It provides an agile and flexible cloud software application that can run mission-critical business processes with global financial capabilities unmatched in the industry. This comprehensive set of capabilities include: global currency and accounting, comprehensive tax compliance, country-specific tax support, country-specific reporting, local bank and payment support, local language support and robust development platform that allows businesses in the region to customise the software to their specific needs and integrate with other third-party applications. For more information about NetSuite OneWorld for Singapore and Hong Kong, please see the separate release issued today.
“Thanks to the AEC and strong growth in the region, businesses in Singapore and Hong Kong are realising the power of NetSuite OneWorld, which allows them to quickly and easily expand and grow,” said Craig Sullivan, NetSuite SVP of Enterprise and International Products. “This new release gives them greater agility and control to meet the dynamic changes happening in the region today.”
Today, more than 30,000 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 cloud-based financials, enterprise resource planning (ERP) and omnichannel commerce software applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management software to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
For more information about NetSuite, please visit www.netsuite.com.sg.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements relating to expectations, plans, and prospects including expectations relating to the deployment of NetSuite OneWorld. 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, risks associated with material defects or errors in our software. 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.
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