The company launched NetSuite OneWorld for companies based in Singapore and Hong Kong, as well as multinationals specifically doing business across Asia. The NetSuite OneWorld solution provides companies with multi-subsidiary management and global financial capabilities to run business operations in the region in a two tier model. Netsuite suite can be implemented in the cloud at subsidiary level, while maintaining legacy, on-premise systems at the company’s headquarters. The offering is also localised to meet the business, regulatory and tax compliance needs of regional businesses.
“Our long history in Southeast Asia and the dynamic business environment that has emerged in recent years, make expansion in the region a strategic imperative in NetSuite’s next phase of international growth,” said NetSuite CEO Zach Nelson. “Our announcements today demonstrate the success we’ve seen already and our deep level of commitment moving forward.”
Having launched its presence in Singapore in 2005, the company has made healthy gains in recent years, boasting a client list of 212 enterprises and subsidiaries in the city state alone. The new partnerships and product offerings appear to demonstrate Netsuite’s intentions in the region. Netsuite recently reported healthy growth over the course of the last 12 months, Q1 revenues were reported at $216.6 million, up 31% year-over-year, and since that point, Nelson has seemingly indicated the Asia market as a priority.
According to the South China Morning Post, Netsuite will be aiming to establish a number of data centres in the region, with Hong Kong and Singapore noted as possible locations. Netsuite’s tendency in entering new regions has been to open up multiple locations as a fail-safe, which could be seen during the company’s expansion in Europe last year. The company opened data centres in Dublin and Amsterdam within a short period of time during the expansion efforts.
While Hong Kong and Singapore represent healthy opportunities for the company to drive revenues, Netsuite has outlined China as a long-term target, with a Hong Kong platform offering a solid gateway due to its trade and political ties. “Businesses in Hong Kong and Singapore are already reaping the rewards of open trade and global expansion,” said Zakir Ahmed, GM of NetSuite Asia. “NetSuite OneWorld is giving these businesses the flexibility and agility to fully capitalise on the current cycle of growth.”
In terms of local partnerships, the announcement detailed new collaborations with 3PL Total Technology, a cloud warehouse management solutions company,, CuriousRubik, a previous Netsuite partner, and Doji Media, a company which helps local customers expand their remit to international markets.