SAN MATEO, Calif. and NEW YORK, May 14 CA-NetSuite-Seabury
SAN MATEO, Calif. and NEW YORK, May 14 /PRNewswire-FirstCall/ -- NetSuite
Inc. (NYSE: N), a leading vendor of on-demand, integrated business management
software suites that provide Accounting / ERP (Enterprise Resource Planning),
CRM (Customer Relationship Management) and Ecommerce software for small and
medium-sized businesses and divisions of large companies, announced that
Seabury Group, the leading provider of consulting, investment banking, and
restructuring services to the aviation and aerospace industries, has selected
NetSuite OneWorld to integrate its business operations across 42 separate
companies and subsidiaries. Seabury Group will use NetSuite OneWorld to manage
a myriad of back-office and front-office processes, including sales and
opportunity tracking, professional services automation, project accounting,
time management, HR management, analysis, reporting, multi-location and
multicurrency accounting management.
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Since its inception as a specialized investment banking and advisory
company 12 years ago, Seabury Group has grown its financial services company
rapidly. In addition to being the world's leading airline restructuring firm,
the company engages in strategic consulting, financial consulting, investment
banking, structured finance, airline planning, labor negotiation, and a
variety of aircraft technical services. In all, Seabury Group now represents
the combined efforts of more than three-dozen operating companies, and with
that growth and complexity came significant operational challenges.
To reduce the complexity of managing a multi-company operation, Seabury
turned to NetSuite to leverage a more complete services industry software
suite. The integrated, multi-location, multicurrency accounting capabilities
will make it easy for the financial services holding company to roll up the 42
different companies and subsidiaries which comprise the group into the
U.S.-based parent. These capabilities are not available on most mid-market
software packages and would require very significant expenditure of time,
money, and other resources to provide them on conventional, on-premise ERP
systems like Microsoft Dynamics Great Plains and SAP. NetSuite's professional
services automation, project accounting and time management functionality can
save time and increase productivity over other silo applications. Working with
NetSuite Professional Services, Seabury is implementing project accounting
management controls and time management analysis tools which will enable it to
track the real-time status of each of its client engagements, including
complete activity costing going back to the initial prospecting engagement.
The improved project accounting and time management controls promises to
eliminate Seabury's invoicing lag, putting the company months ahead of the
curve on business generation and expense reconciliation.
"In just the past two and a half years, our business has grown and our
horizons have broadened so much that we simply could not reconcile our
entities properly any longer," said Martin Wills, CIO and chief administrative
officer at Seabury Group. "We needed a solution which would allow multiple
employees around the globe to share client projects on a real-time basis. With
NetSuite OneWorld, Seabury Group will not just be deal-driven anymore. We will
be opportunity-driven, with more complete insight into the true profit
potential of all our client opportunities."
In addition, Seabury Group gained a human resources system with strategic
planning capabilities, a key feature for a company with more than 155
employees and growing. This will provide the company improved visibility and
assistance in negotiating and planning benefits offerings such as insurance
and retirement savings. The real-time, multicurrency accounting capability of
NetSuite services industry software helps Seabury nimbly reallocate its human
capital where it can be most profitable, taking advantage of shifts in the
value of the dollar and the euro to reassign staff to the most appropriate
geographies. With NetSuite OneWorld, Seabury Group is poised to maintain a
leading position and continue its intelligent, managed growth into the future
as the aviation industry consolidates and evolves.
NetSuite OneWorld enables companies to manage their multi-national and
multi-subsidiary business operations in real-time around the globe. It allows
business to manage end-to-end business operations for their multiple
subsidiaries, business units, and legal entities all from a single NetSuite
account in a single database instance. NetSuite OneWorld delivers deep and
locally/nationally appropriate functionality (currency, taxation, language,
reporting, dashboards, etc.) while providing for instantaneous global roll-up,
visibility and compliance management. NetSuite's native Software as a Service
(SaaS) delivery model enables the NetSuite OneWorld functionality to be
accessed anywhere simply by opening a Web browser, and eliminates the enormous
IT issues associated with traditional approaches to global business
management. NetSuite OneWorld targets mid-market companies having challenges
in costs, complexity, limited consolidations and disintegration with
traditional ERP applications such as Microsoft Dynamics and SAP. For more
information about NetSuite OneWorld, please visit
http://www.netsuite.com/OneWorld.
About Seabury Group
Seabury Group's principal business is the Aviation & Aerospace Group,
which is the leading independent investment banking and advisory group serving
aviation, aerospace, and cargo on a global basis. That group's practices span
investment banking, corporate transformation, and management consulting.
Seabury Group was awarded Airfinance Journal's "North American Deal of the
Year" for the equity rights offering the firm structured and placed for
Northwest Airlines in 2007. With more than 155 professionals dedicated to
aviation and aerospace, Seabury has now advised over 150 clients worldwide in
over 400 engagements spanning Africa, Australia, Asia, Europe, the Middle
East, and the United States. In 2007 Seabury set up a parallel investment
banking group, SeaCap Securities LLC, to house its investment banking and
advisory services provided to financial institutions, insurance companies and
institutional investors in the financial, insurance, maritime, travel and
hospitality industries. Seabury and SeaCap also structure and manage
portfolios of financial and life insurance assets. For more information,
please see: http://www.seaburygroup.com.
About NetSuite
NetSuite Inc. is a leading vendor of on-demand, integrated business
management software suites for small and midsized businesses and divisions of
large companies. NetSuite enables companies to manage core business operations
in a single system, which includes Accounting / Enterprise Resource Planning
(ERP), Customer Relationship Management (CRM), and Ecommerce. NetSuite's
patent-pending "real-time dashboard" technology provides an easy-to-use view
into up-to-date, role-specific business information.
NOTE: NetSuite and the NetSuite logo are registered service marks of
NetSuite Inc.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements that involve risks,
uncertainties and assumptions. If any of the risks or uncertainties ever
materialize or the assumptions prove incorrect, our results may differ
materially from those expressed or implied by such forward-looking statements.
Such forward-looking statements include statements relating to expectations,
plans and prospects for NetSuite and the service offering that are based upon
current expectations and beliefs. Challenges may arise in the implementation
of NetSuite OneWorld with the customer; disruptions in service as a result of
loss of power or loss of Internet access may occur; unexpected disruptions in
NetSuite data center may occur; and potential errors or other problems in the
software code may arise; and other risks and uncertainties exist or may arise
as described more fully in our public announcements and filings with or
furnished to the U.S. Securities and Exchange Commission, including our
Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2008.
All forward-looking statements in this press release are based on information
available to us as of the date hereof, and NetSuite disclaims any obligation
to update these forward-looking statements.
SOURCE NetSuite Inc.
