Oracle NetSuite Corporate Communications
SAN MATEO, Calif.—July 24, 2014—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that CommVault, a leading provider of enterprise data management, protection and availability software, has gone live on NetSuite OneWorld to run global business operations in more than 25 countries. CommVault (NASDAQ: CVLT) replaced packaged and homegrown on-premise applications, as well as retired numerous in-house servers by implementing NetSuite OneWorld. CommVault is now using NetSuite OneWorld to run global business processes and operations including financial consolidation, billing and revenue recognition, multi-currency and multi-language management, fixed assets, professional services automation (PSA), budgeting and forecasting. This modernization effort has helped CommVault continue to transform its financial and operational infrastructure into an agile and unified cloud global business management platform.
"The biggest benefits with NetSuite have been automation and workflow," said Eric Luehmann, CommVault Financial Systems Manager. "With NetSuite, we've been able to reduce complexity with a unified platform that integrates with other cloud applications. NetSuite gives us a system that can grow with us."
After an evaluation against larger competing solutions, the Oceanport, N.J.-based CommVault selected NetSuite OneWorld as the foundation to support and build on the 20 percent average growth it has enjoyed in recent years, growing revenues to $586.3 million in fiscal 2014 with more than 20,000 customers. Live as of December 2013, the global NetSuite OneWorld solution was implemented in five months, plus two months of planning, in a joint effort between CommVault and NetSuite Professional Services.
NetSuite OneWorld is designed for the needs of global software companies, with built in support for real-time multi-subsidiary financial consolidation and reporting, multi-currency, multinational taxation rules and unified real-time views into the business performance of each and every subsidiary. With NetSuite OneWorld, global software companies enjoy streamlined billing and renewal processes, accurate financial reporting, and the ability to meet revenue recognition requirements and comply with the new Financial Accounting Standards Board (FASB) rules for multi-element sales, known as EITF 08-01 and EITF 09-03. With support for 190 currencies, 19 languages and automated tax compliance in over 50 countries, NetSuite OneWorld brings CommVault the following key features and benefits:
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 excels at streamlining business operations as demonstrated in a recent Gartner study naming NetSuite as the fastest growing financial management software vendor on a global basis. 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.
A singular vision—a belief in a better way to address current and future data management needs—guides CommVault in the development of Singular Information Management solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unprecedented control over data growth, costs and risk. CommVault's Simpana software suite of products was designed to work together seamlessly from the ground up, sharing a single code and common function set, to deliver superlative Data Protection, Archive, Replication, Search and Resource Management capabilities. More companies every day join those who have discovered the unparalleled efficiency, performance, reliability, and control only CommVault can offer. Information about CommVault is available at www.commvault.com. CommVault's corporate headquarters is located in Oceanport, New Jersey in the United States.
For more information about NetSuite, please visit www.netsuite.com.hk.
NOTE: NetSuite, the NetSuite logo, OneWorld, and SuiteCloud are registered service marks of NetSuite Inc. Third-party trademarks mentioned are the property of their respective owners.