25 Years On, NetSuite Continues to Expand Cloud ERP Suite

Customers gravitate toward a common system of record on NetSuite


To paraphrase Woody Allen, Oracle NetSuite is all about showing up as a software suite with omni-present consistency.

The continuity was unmistakable at its recent SuiteWorld that marked the 25th anniversary of the ERP software vendor – now part of Oracle – exhibiting relentless innovation, platform expansion, and deal cutting.

Oracle NetSuite EVP and founder Evan Goldberg (top) cuts software deals and highlights new updates across the suite, while product head Gary Wiessinger outlines AI push at SuiteWorld
Caption: Oracle NetSuite EVP and founder Evan Goldberg (top) cuts software deals and highlights new updates across the suite, while product head Gary Wiessinger outlines AI push at SuiteWorld

Name a company founder who gleefully and constantly peddles products with generous discounts one after another and year after year as part of a keynote presentation and what comes to mind is Evan Goldberg, probably the hardest working software salesman. Goldberg has been at the helm of NetSuite for a quarter of a century running everything from product development to a global business unit with thousands of employees and billions of dollars in recurring revenues from 37,000+ customers.

When asked if he would be sticking around for another 25 years, Goldberg’s response is uncharacteristically simple and direct expressing his willingness to contribute to NetSuite and its customers’ long term success.

The NetSuite division of Oracle has grown to over 37,000 customers, tripling its installed base from 11,000 in 2016 when it was acquired by the database heavyweight. By most measures, NetSuite’s growth over the past few years has been remarkable.

NetSuite’s Uninterrupted Growth

Number of Customers16,00037,000
Number of Developers2,0003,300
Number of Partners1,0001,600
Estimated Revenues, $M$1,300$2,817


In Oracle’s latest period of 1QFY24 ended August 30, NetSuite posted a 21% growth to reach $0.7 billion in revenue, similar to the 22% growth it achieved in 4QFY23 when it also topped $0.7 billion in revenue. That translates into an annual run-rate of more than $2.8 billion for the calendar year 2023, compared with $691 million for the nine-month period before it was acquired by Oracle in December 2016. In other words, its quarterly revenue has more than tripled over the past seven years at a CAGR of high teens.

During the conference, NetSuite announced a slew of new products including Text Enhance capabilities as part of its next-generation AI assist tools for users across different functional areas from sales to finance. Examples of assisted authoring use cases include writing targeted and personalized collection letters and generating summaries and narratives for financial reports.

Other enhancements include NetSuite Analytics Warehouse for users in 18 countries, and Field Service Management through its recent acquisition of Next Technik. In addition, the company unveiled NetSuite Enterprise Performance Management (EPM), derived from Oracle Fusion Cloud EPM.

NetSuite EPM will be adopted across-the-board by customers to facilitate ease of reporting, account reconciliation, and planning and budgeting, along with NetSuite’s core system for financial management. For example, medical firm Veracyte and Highstreet Insurance Partners have decided to standardize everything on NetSuite after relying on third-party EPM applications that failed to deliver the desirable results.

“Are we putting all our eggs in one basket? Strategically yes, since we have already made the decision to run planning with our ERP. Now we are saving time and money around reporting, planning, and budgeting,’’ said Daniel Ruettiger, Senior Manager of Finance & Accounting of Highstreet Insurance Partners after replacing Planful with NetSuite Planning and Budgeting and ERP.

Similarly, after replacing Anaplan with NetSuite Planning and Budgeting, Cassandra Cardenas, Financial Systems Manager of Veracyte, said,“It is a natural progression since we are already using NetSuite ERP. It makes so much sense to consolidate our meta data and transactional data to do integrated EPM. We are going all in and we are already seeing the benefits of running both from NetSuite.’’

Matt Riddle, Director of Systems and Strategy of Intelligentsia, a coffee supply company in Chicago, also decided to standardize its financial management, manufacturing, procurement, and eCommerce functions on NetSuite in 2018 after running a number of home grown and disparate systems.

Today, Intelligentsia has been able to receive electronic orders and look up inventory, manage traceability and food safety as well as fulfillment all working seamlessly within one system that can be accessed by 80 users currently. With more readily available sales and market demand data available from the common system of record, Riddle expects to expand the usage of NetSuite by adding scores of new users in sales and field operations.

Continuing with its innovation and platform expansion, consistency is hard to miss at NetSuite with the core team of its key executives intact including applications development head Gary Wiessinger, Paul Farrell and Craig Sullivan running product management, Allison Auclair leading customer experience applications, and Hanif Ismail in charge of HCM providing annual updates like clockwork for the past few years. That contrasts with the incessant personnel changes that have upended many vendors since 2020. For customers, NetSuite’s stability in its product development and execution appears to have given them extra confidence in any current and future technology investment that they consider.

List of Oracle NetSuite ERP Customers

2C2P Pte. LtdBanking and Financial Services400$100.0MMalaysiaOracle NetSuite ERPERP Financial
A. T. Cross Co. LLC.Manufacturing900$130.0MUnited StatesOracle NetSuite ERPERP Financial
Acal BFiManufacturing600$95.0MUnited KingdomOracle NetSuite ERPERP Financial
Accrol Papers LtdConsumer Packaged Goods416$200.0MUnited KingdomOracle NetSuite ERPERP Financial
Acumen Fund, Inc.Banking and Financial Services330$30.0MUnited StatesOracle NetSuite ERPERP Financial
Advantage Trim & Lumber Company, Inc.Manufacturing160$30.0MUnited StatesOracle NetSuite ERPERP Financial
AesopRetail2037$365.0MAustraliaOracle NetSuite ERPERP Financial
Affordable SolarUtilities200$70.0MUnited StatesOracle NetSuite ERPERP Financial
Aircall FranceCommunications800$235.0MFranceOracle NetSuite ERPERP Financial
Alton TowersMedia2500$1.60BUnited KingdomOracle NetSuite ERPERP Financial
Anaqua, IncProfessional Services450$47.0MUnited StatesOracle NetSuite ERPERP Financial
Armstrong RelocationTransportation1000$100.0MUnited StatesOracle NetSuite ERPERP Financial
Athletic GreensRetail350$100.0MUnited StatesOracle NetSuite ERPERP Financial
BinHendi EnterprisesRetail600$63.0MUnited Arab EmiratesOracle NetSuite ERPERP Financial
Black Dog InstituteNon Profit370$33.0MAustraliaOracle NetSuite ERPERP Financial
Black Rifle Coffee CompanyConsumer Packaged Goods900$233.0MUnited StatesOracle NetSuite ERPERP Financial
Butterfly Network, Inc.Life Sciences330$73.0MUnited StatesOracle NetSuite ERPERP Financial
Cazoo LimitedRetail3226$986.0MUnited KingdomOracle NetSuite ERPERP Financial
CDC FoundationNon Profit1700$400.0MUnited StatesOracle NetSuite ERPERP Financial
Colony HardwareDistribution560$60.0MUnited StatesOracle NetSuite ERPERP Financial
Comprehensive Pharmacy ServicesLife Sciences2500$500.0MUnited StatesOracle NetSuite ERPERP Financial
EdmentumProfessional Services1300$150.0MUnited StatesOracle NetSuite ERPERP Financial
EntrataProfessional Services2345$210.0MUnited StatesOracle NetSuite ERPERP Financial
FastlyProfessional Services1112$432.0MUnited StatesOracle NetSuite ERPERP Financial
GitLab.comProfessional Services1630$253.0MUnited StatesOracle NetSuite ERPERP Financial
Happy Feet InternationalManufacturing300$60.0MUnited StatesOracle NetSuite ERPERP Financial
InMomentProfessional Services1750$207.0MUnited StatesOracle NetSuite ERPERP Financial
International Planned Parenthood FederationNon Profit400$125.0MUnited KingdomOracle NetSuite ERPERP Financial
JellysmackMedia1000$150.0MUnited StatesOracle NetSuite ERPERP Financial
JTsocialCommunications568$153.0MUnited KingdomOracle NetSuite ERPERP Financial
Kitu Life, Inc.Consumer Packaged Goods187$70.0MUnited StatesOracle NetSuite ERPERP Financial
KlaviyoProfessional Services1350$170.0MUnited StatesOracle NetSuite ERPERP Financial
Klook SingaporeLeisure and Hospitality150$33.0MSingaporeOracle NetSuite ERPERP Financial
Kobalt MusicMedia200$60.0MUnited KingdomOracle NetSuite ERPERP Financial
LA Family HousingConstruction and Real Estate400$60.0MUnited StatesOracle NetSuite ERPERP Financial
Limoneira CompanyConsumer Packaged Goods265$184.0MUnited StatesOracle NetSuite ERPERP Financial
LoadsmartTransportation750$230.0MUnited StatesOracle NetSuite ERPERP Financial
Lyra Health, IncHealthcare1275$462.0MUnited StatesOracle NetSuite ERPERP Financial
ManyPetsInsurance287$47.0MUnited KingdomOracle NetSuite ERPERP Financial
Médecins Sans Frontières AustraliaNon Profit250$70.0MAustraliaOracle NetSuite ERPERP Financial
MintedRetail500$50.0MUnited StatesOracle NetSuite ERPERP Financial
MiroProfessional Services1500$276.0MUnited StatesOracle NetSuite ERPERP Financial
Mission Restaurant SupplyRetail310$40.0MUnited StatesOracle NetSuite ERPERP Financial
Ngm Biopharmaceuticals IncLife Sciences225$77.9MUnited StatesOracle NetSuite ERPERP Financial
Omniome, IncLife Sciences150$22.0MUnited StatesOracle NetSuite ERPERP Financial
Perspectum LtdLife Sciences240$50.0MUnited KingdomOracle NetSuite ERPERP Financial
Rad Power Bikes IncRetail600$80.0MUnited StatesOracle NetSuite ERPERP Financial
Redwire SpaceAerospace and Defense606$138.0MUnited StatesOracle NetSuite ERPERP Financial
Ritchie Bros AuctioneersProfessional Services2200$1.05BCanadaOracle NetSuite ERPERP Financial
Scale AIProfessional Services450$70.0MUnited StatesOracle NetSuite ERPERP Financial
Simplisafe, Inc.Manufacturing1060$299.0MUnited StatesOracle NetSuite ERPERP Financial
Suntex MarinasLeisure and Hospitality300$30.0MUnited StatesOracle NetSuite ERPERP Financial
SupplyHouseRetail250$25.0MUnited StatesOracle NetSuite ERPERP Financial
Swisse WellnessConsumer Packaged Goods600$120.0MAustraliaOracle NetSuite ERPERP Financial
The Facilities GroupProfessional Services500$65.0MUnited StatesOracle NetSuite ERPERP Financial
Tourism and Events QueenslandLeisure and Hospitality127$95.0MAustraliaOracle NetSuite ERPERP Financial
Vanzandt ControlsDistribution200$25.0MUnited StatesOracle NetSuite ERPERP Financial
Wahoo FitnessProfessional Services300$35.0MUnited StatesOracle NetSuite ERPERP Financial
We Insure GroupInsurance250$40.0MUnited StatesOracle NetSuite ERPERP Financial

Source: Buyer Insight Technographics Database, October 2023