SAN MATEO, Calif., March 2, 2016 /PRNewswire/ -- NetSuite Inc.
(NYSE: N), the industry's leading provider of cloud-based
financials / ERP and omnichannel commerce software suites, today
announced that it has acquired IQity's cloud business. The
financial terms of the acquisition were not disclosed.
This acquisition extends NetSuite's #1 cloud ERP leadership and
for the first time creates a single cloud software system that
meets the needs of both discrete and batch process manufacturers of
all sizes with the ERP power to run their core business operations
along with the deep industry functionality required to meet
ever-changing market needs and customer expectations. The combined
strengths of NetSuite and IQity's deep domain experience can enable
manufacturers to manage their business more profitably from
order-to-cash through build-to-ship, helping them to achieve
overall operational excellence, take control of supply chain
processes and improve business value, while reducing operating
costs and IT overhead.
Founded in 2007 and headquartered in Pittsburgh, Pa., IQity Solutions joined
NetSuite's SuiteCloud Developer Network (SDN) in 2012 as a key
solution partner. Leveraging the NetSuite SDN Platform, IQity
created the IQity Advanced Manufacturing SuiteApp—natively built on
the NetSuite platform—providing NetSuite customers with shop floor,
resource capacity planning, finite production scheduling, batch
work order management, integrated quality management and advanced
data collection capabilities to track actual production results,
equipment utilization, labor productivity, downtime, rework and
more; culminating in lower operating costs and improving
profitability. The IQity Advanced Manufacturing SuiteApp achieved
"Built for NetSuite" certification from the Built for NetSuite
(BFN) program, which is designed to give NetSuite customers
additional confidence in the quality of SuiteApps.
At the time of the acquisition, NetSuite and IQity had nearly 40
joint customers.
"As today's manufacturers face increased global competition,
rising customer expectations and digital transformation, they need
modern technology solutions to enable them to adapt," said NetSuite
President Jim McGeever. "The
combination of NetSuite and IQity arms these companies with a
unified, cloud-based system that extends across manufacturing,
financial and commerce processes to help transform their business
operations."
"Market pressures on manufacturers have never been greater and
legacy, on-premise systems are not sufficient to manage the growing
complexity of the business environment," said IQity Solutions
Founder Dave Gustovich. "With the
acquisition of the IQity cloud business, NetSuite is offering the
opportunity to power the next level of business results with a
unified system that lets manufacturers focus on product innovation,
efficiency and profit margins; not managing a patchwork of
disconnected point solutions."
Today's manufacturers confront significant challenges in the
marketplace, including global competitive pressures, high operating
costs, and evolving customer expectations. They also face the
challenges associated with aging on-premise software and managing
multiple, disparate software systems; version lock; no real-time
visibility into the business; and data silos that create huge
disconnect between shop floor and top level operations. The
traditional, on-premise software approach used by
manufacturers—typified in legacy deployments and costly
customizations—creates barriers to product innovation and business
growth by increasing IT costs, driving up the cost of production,
and decreasing business efficiency and accuracy.
By combining the strengths of NetSuite and IQity, manufacturers
gain access to a modern cloud solution that can transform their
business, bringing them to the forefront of modern manufacturing
and helping to position them for the industrial
Internet-of-Things (IoT).
This new offering delivers a single integrated cloud solution
that replaces the disconnected systems that manufacturers typically
used and offers the following key features and benefits:
- A single cloud system covering such manufacturing-specific
needs as shop floor and project control, multi-site and
multi-division operations and warehousing, demand planning,
production engineering, lot and serial control, standard costing,
bill of materials and assembly builds.
- Comprehensive capabilities for inventory and fulfillment
including demand planning, integrated supply chain management,
purchasing and vendor management, as well as procure-to-pay
processes.
- Accounting functionality that accelerates financial close,
provides strong invoicing and expense management, and streamlines
order and revenue management.
- Advanced MES, quality and compliance, shop floor, bar coding,
batch control and inspection management.
- Deep manufacturing functionality that provides finite
production scheduling with constraints by available resources,
capacity and utilization targets.
- Mobile capability to access real-time business information
quickly and securely from the warehouse, shop floor workstation or
production line; and for data capture from barcode scanning devices
and wireless tablets feeding into NetSuite in real-time.
- Speed of implementation measured in weeks and months, not
years.
- Through NetSuite SuiteCommerce, the ability to easily open new
direct-to-consumer sales channels while growing the traditional
direct-to-distributors business; to operate secure self-service
portals for B2B partners and customers; and to leverage
machine-generated data to efficiently automate replenishment with
machine-to-machine commerce.
- Through the NetSuite OneWorld global business solution, the
ability to manage overseas factories and subsidiaries, execute
global financial consolidation, transact business in more than 190
currencies, communicate in nearly 20 languages and comply with
local tax regulations in over 100 countries.
- Complete, real-time visibility into sales, inventory, customers
and more to enable manufacturers to gain a single version of truth
and make data-driven business decisions and adapt swiftly to
opportunities and threats.
- Rich customization capability provided by the NetSuite
SuiteCloud platform that enables manufacturers to customize the
solution to meet unique business needs. All customizations
seamlessly carrying over with each periodic NetSuite upgrade,
eliminating concerns that plague users of on-premise systems that
customizations will be lost with an upgrade.
- Integrated shipping and order fulfillment to tackle the
challenges of multiple channels, partial ship and drop-shipping
requirements, and dynamic order volumes.
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 enterprise-ready
cloud business management suites of enterprise resource planning
(ERP), customer relationship management (CRM), and ecommerce
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 suites to businesses around the
world, enabling them to lower IT costs significantly while
increasing productivity, as the global adoption of the cloud
accelerates.
Follow NetSuite's Cloud blog, NetSuite's Facebook page and
@NetSuite Twitter handle for real-time updates.
For more information about NetSuite, please visit
www.netsuite.com.
NOTE: NetSuite and the NetSuite logo are service marks of
NetSuite Inc. Third-party trademarks mentioned are the property of
their respective owners. The use of the word partner does not imply
a partnership relationship between NetSuite and any other
company.
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SOURCE NetSuite Inc.