Oracle NetSuite Corporate Communications
Commerce Leader Goes Live with NetSuite ERP in Five Countries in Just Six Weeks; Twenty-Six Countries in Three Months
Hundreds of Client/Server Applications and Spreadsheets Give Way to Real-Time Global Financial Consolidation and Management in the Cloud
NetSuite SuiteWorld 2011, SAN FRANCISCO—May 10, 2011—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials /ERP software suites, today announced that Groupon, the leader in local ecommerce and widely regarded as the fastest-growing company of all time, has implemented NetSuite OneWorld to power its rapid business expansion in key international markets. Within just six weeks, Groupon went live with NetSuite OneWorld in five international markets. In three months, twenty-six international markets are expected to be live, replacing hundreds of spreadsheets with a single cloud ERP system to achieve real-time global financial consolidation and management, as well as support for multi-currency management, local taxation compliance, reporting and analytics.
With NetSuite OneWorld, Groupon can now cost-effectively run key business processes in new foreign markets, including Australia, New Zealand, Thailand, South Korea and the Netherlands, and is quickly rolling out the remainder of Groupon's vast global network. By year-end, Groupon expects to complete deployment of NetSuite OneWorld in 46 countries.
With deals offered daily in 500 cities and 46 countries, Groupon is the epitome of a high-growth commerce innovator, expanding organically and through acquisitions at a breakneck pace. Since launching in November 2008, the company has added on average one new country to its operations every three weeks. Such rapid expansion has brought bargains to millions, but in the process, until NetSuite, Groupon had been unable to find an effective financial infrastructure to support this accelerated growth. Each time the company entered a new market, the amount of time and effort needed to close the books grew, turning financial reconciliation into a painful process. The collection of different programs, processes and spreadsheets made it difficult for Groupon to understand the full scope of its international operation, and made standardization of accounting and reporting practices impractical.
NetSuite OneWorld is the only powerful, scalable solution able to deliver on Groupon's needs. Because NetSuite OneWorld requires no local or customer provided infrastructure, it can be easily deployed to new markets in as little as three weeks, instead of the six months or more that is typical of most on-premise solutions.
NetSuite OneWorld addresses the complex multi-national and multi-company needs of global enterprises and can readily enable businesses to adjust for currency, taxation and legal compliance differences at the local level, with regional and global business consolidation and roll-up. The solution provides unprecedented global visibility of all aspects of a business worldwide in real time, creating consistent, compliant management across the organisation, locally and globally. With NetSuite, Groupon can support its global expansion and experience a unified, real-time view into the business performance of each and every subsidiary despite the rapid and broad global expansion.
"Groupon knew traditional pre-web ERP software would slow them down. They needed an application as fast and flexible as their business model, and that requirement led them to NetSuite," said Zach Nelson, NetSuite CEO. "Modern companies realise that standardizing on pre-web client/server applications is no way to be successful. Groupon's decision to turn to NetSuite OneWorld for its needs is another affirmation that NetSuite is where business is going," said Zach Nelson, CEO of NetSuite.
Follow NetSuite's Cloud blog, NetSuite's Facebook page and @NetSuiteAPAC Twitter handle for real-time updates. To join the 'NetSuite Powers Groupon's Growth with OneWorld' conversation on Twitter use #Groupon #OneWorld.
For more information about NetSuite, please visit www.netsuite.com.hk.
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