TechnologyNet loss at NetSuite

Net loss at NetSuite

Losses at the online software company increase and the company announces changes to the finance team

NetSuite, the online financial software company, highlighted increased net
losses over the last 12 months.

Net loss for the first quarter of 2010 was $7.1m (£4.67m), compared to a
$6.7m loss for the previous quarter and a $3.9m loss in the same period a year
ago.

GAAP operating loss for the first quarter of 2010 was $6.6m an increase on
GAAP operating loss of $4m for the same period in 2009.

Gross profit at the company equated to $28m, marginally higher than the same
period last year although the company claims, in its results, it had improved
bookings by 27% year on year.

NetSuite also announced changes to its finance team. The current senior vice
president of finance, Ron Gill, is promoted to chief financial officer.

Gill takes up the role in July this year and has been at the company since
2007 focusing on the accounting and finance function at the technology company.
Gill has held several finance positions at Hyperion Solutions, SAP, Dell and
Sony.

He succeeds Jim McGeever who moves onto the role of chief operating officer.

McGeever, who has previously worked at Ernst & Young, has been at the
company for more than ten years and prior to NetSuite held senior managerial
positions at biotechnology company, Clontech, and Photon Dynamics.

“Jim has served as NetSuite’s CFO for the past decade. His dedication and
deep knowledge of NetSuite’s cloud computing solutions, customers and vertical
strategy will make him invaluable in his newly expanded role as COO,” said Zach
Nelson, CEO of NetSuite.

Further reading:

NetSuite
results show increase in net loss

Sage
customers targeted by NetSuite discounts

Sage
targeting KashFlow, Mamut and NetSuite

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