History
The company began in 1998, with a five minute phone call[9] between Evan Goldberg and Larry Ellison where they discussed the idea of selling software over the internet, leading Evan Goldberg to found NetLedger.[8][10][11] NetLedger offered web-hosted accounting software.[8] The company was seeded with start-up money from Ellison who was Oracle's CEO, and it employed numerous staff previously employed at Oracle including the chairman, CTO, and other management who transitioned from Oracle to NetLedger. At one time, NetLedger was licensed to Oracle, branded as the Oracle Small Business Suite; however, that experience was short-lived, and the licensing deal was cancelled in 2004.[12]
In July 2002, Zach Nelson was appointed CEO.[13] In September 2003, the company officially changed its name from NetLedger to NetSuite, Inc. to reflect the company expanding its offerings to a suite of business applications beyond accounting.[14][15]
On January 4, 2007, NetSuite named Oakland A's General Manager Billy Beane (of Moneyball fame) to its Board of Directors.[16] NetSuite became a publicly traded company after its initial public offering (IPO) of 6.2 million shares on the New York Stock Exchange in December 2007. It traded under the single-letter ticker symbol "N".[17] On July 28, 2016, Oracle announced it had offered to purchase NetSuite for $9.3 billion.[18] The deal closed in November. Up until the Oracle acquisition, Goldberg was the chief technology officer and chairman of the company.[19]
NetSuite celebrated its 25th anniversary in 2023.[20]
NetSuite headquarters are located in Austin, Texas.[6] NetSuite has additional offices in Colorado, California, Illinois, New York, and abroad.[6]
NetSuite Next is an update to Oracle NetSuite’s enterprise resource planning (ERP) platform that introduces embedded artificial intelligence and natural-language workflows to change how users interact with the system. The update also includes interface changes and AI-assisted features intended to enable task execution through conversational inputs and reduce reliance on traditional menu-based navigation.[21][22][23]
In 2026, NetSuite expanded its partner program with the development of SuiteApp.AI Marketplace. The Marketplace is meant to assist partners with AI adoption by integrating with ERP workflows.[24]
