NetSuite Inc. (NYSE: N) , the industry’s leading provider of cloud -based financials / ERP and omnichannel commerce software suites, announced that CommVault, a leading provider of enterprise data management, protection and availability software, has gone live on NetSuite OneWorld to run global business operations in more than 25 countries. CommVault (NASDAQ: CVLT) replaced packaged and homegrown on-premise applications, as well as retired numerous in-house servers by implementing NetSuite OneWorld. CommVault is now using NetSuite OneWorld to run global business processes and operations – including financial consolidation , billing and revenue recognition , multi-currency and multi-language management, fixed assets, professional services automation (PSA), budgeting and forecasting. This modernization effort has helped CommVault continue to transform its financial and operational infrastructure into an agile and unified cloud global business management platform.
“The biggest benefits with NetSuite have been automation and workflow,” said Eric Luehmann, CommVault Financial Systems Manager. “With NetSuite, we’ve been able to reduce complexity with a unified platform that integrates with other cloud applications. NetSuite gives us a system that can grow with us.”
After an evaluation against larger competing solutions, the Oceanport, N.J.-based CommVault selected NetSuite OneWorld as the foundation to support and build on the 20 percent average growth it has enjoyed in recent years, growing revenues to $586.3 million in fiscal 2014 with more than 20,000 customers. Live as of December 2013, the global NetSuite OneWorld solution was implemented in five months, plus two months of planning, in a joint effort between CommVault and NetSuite Professional Services.
NetSuite OneWorld is designed for the needs of global software companies, with built in support for real-time multi-subsidiary financial consolidation and reporting, multi-currency, multinational taxation rules and unified real-time views into the business performance of each and every subsidiary. With NetSuite OneWorld, global software companies enjoy streamlined billing and renewal processes, accurate financial reporting, and the ability to meet revenue recognition requirements and comply with the new Financial Accounting Standards Board (FASB) rules for multi-element sales, known as EITF 08-01 and EITF 09-03. With support for 190 currencies, 19 languages and automated tax compliance in over 50 countries, NetSuite OneWorld brings CommVault the following key features and benefits:
- Financial Consolidation and Multi-Currency Management. NetSuite OneWorld supplies a unified platform for management and financial visibility in more than 25 subsidiaries, more than 10 of them in Europe as well as Dubai, Singapore, China, South Korea, Japan, Australia and New Zealand. CommVault also uses NetSuite OneWorld for multi-currency transactions in over 20 currencies. With NetSuite OneWorld, CommVault has a real-time view of global financials.
- Billing and revenue recognition. CommVault utilizes the billing and revenue recognition capabilities within NetSuite OneWorld to streamline diverse revenue streams from perpetual licensing, technical support and professional services, and to accommodate growing lines of recurring revenue.
- NetSuite SuiteCloud. CommVault has leveraged the SuiteCloud Development Platform to provide real-time integration between NetSuite and several third-party cloud applications.
- Professional Services Automation. With NetSuite OpenAir PSA, CommVault has streamlined its project management, accounting, resource optimization and time management processes. NetSuite has enabled CommVault to automate processes across its services business lifecycle including invoicing, revenue recognition and project delivery in multiple countries.
- Fixed assets management. Replacing an on-premise fixed asset solution for GAAP accounting, NetSuite Fixed Assets module gives CommVault control over the complete lifecycle across depreciating or non-depreciating assets from creation to depreciation, with seamless integration with NetSuite financials and drill-down to detail.
Today, more than 20,000 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.