SAN MATEO, Calif., Oct. 22, 2013 /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 entered into a definitive agreement to acquire TribeHR, a leading provider of Human Capital Management (HCM) solutions, to create the first integrated cloud ERP and HCM software suite for small and mid-sized businesses (SMBs). The proposed acquisition would create a single cloud solution for modern SMBs with the ERP power to run their core business operations as well as a rich, social HR software solution to manage employees. The proposed acquisition is subject to customary closing conditions. The terms of the proposed acquisition were not disclosed. NetSuite will discuss this announcement further at its scheduled third quarter 2013 earnings call on Thursday, October 24, 2013 at 2:00 p.m. PT (5:00 p.m. ET). Dial-in information for the call and a live webcast will be available at www.netsuite.com/investors.
Founded in 2009, TribeHR is a SuiteCloud Developer Network (SDN) partner with headquarters in Waterloo, Ontario, Canada and more than 450 customers operating in more than 50 countries around the world. In 2013, TribeHR joined the NetSuite SuiteCloud Developer Network (SDN), created the popular TribeHR SuiteApp, and now has nearly 30 joint customers with NetSuite. TribeHR also complements NetSuite's existing payroll product, NetSuite Premier Payroll Service.
"TribeHR is a rare HR software solution that combines the rich traditional HCM capabilities needed to manage growing organizations with an engaging social interface that encourages employee involvement and collaboration," said Zach Nelson, CEO of NetSuite. "TribeHR's engaging system of record for employee activity, together with NetSuite's single system of record for core operational business data gives SMBs a modern, single system to run the core aspects of their business—all with the scalability, flexibility and agility of the cloud."
"TribeHR was founded on the idea that the best companies are built by inspired, connected and engaged employees," said Joseph Fung, Co-Founder and CEO of TribeHR. "The initial reception of TribeHR in the NetSuite installed base proved the power of coupling employee engagement with operational excellence, and we are excited about going where no company has gone before in combining core business process applications with employee interaction applications."
TribeHR is designed to inspire and motivate a modern workforce with mobile, social and cloud at the heart of the system. Additionally, TribeHR encompasses a full suite of HCM functionality required to recruit, manage and reward employees, including:
SMBs face barriers to investing in and deploying comprehensive enterprise-grade HR management solutions and typically have disparate systems to manage their employees. These companies often rely on spreadsheets or have no HR system at all, forcing them to rely on labor intensive manual processes. Faced with these challenges, SMBs are seeking to avoid the costs and complexity associated with multiple systems in favor of a solution that is easy to deploy, manage and scale. Existing point solutions spread across multiple HR functions, with little to no integration, leave organizations facing the challenge of proving the oft-repeated assertion that "employees are our greatest asset". The proposed combination of TribeHR and NetSuite ERP would eliminate the need for manual data entry across disparate systems reducing time, costs and the risk of error, and allowing companies to maximize their workforce and achieve the scalability and efficiency in onboarding and talent development that are critical for fast-growing companies.
Earlier this year, NetSuite announced the expansion of the SuiteCloud partner ecosystem with leading Human Capital Management (HCM) solutions, which included TribeHR. NetSuite plans to continue to partner in areas of workforce management, global payroll and other complementary solutions to the TribeHR offering. NetSuite plans to continue its product integration and go-to-market strategy with Oracle HCM to deliver a single, integrated solution that seamlessly connects HR and finance systems for mid-sized customers. For large organizations where Oracle HCM is already deployed, two-tier deployments of NetSuite in smaller subsidiaries can easily connect with its corporate HR system.
Today, more than 16,000 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 organizations 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.
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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.
SOURCE NetSuite Inc.