That includes 10,000 seasonal workers for its distribution centers and 3,000 to help stores cater to cross-channel shoppers.
NetSuite, a provider of on-demand e-commerce technology and other business management software, has filed a registration statement with the Securities and Exchange Commission for an initial public offering of stock that could raise up to $75 million.
NetSuite Inc., a provider of on-demand e-commerce technology and other business management software, has filed a registration statement with the Securities and Exchange Commission for an initial public offering of its common stock and expects to raise a maximum of $75 million, NetSuite said.
The company said it plans to use the proceeds of the IPO for working capital and other general purposes including paying off a $7.5 million line of credit with Tako Ventures, its controlling stockholder. Tako is controlled by Larry Ellison, the CEO of Oracle Corp., a provider of database and enterprise software.
NetSuite, which launched as a company in 1998, posted a net loss of $3.72 million on revenue of $23.23 million for the first quarter ended March 31, compared to a net loss of $6.46 million on $13.53 million in revenue for the year-earlier quarter, NetSuite said in the SEC filing.
For the year ended Dec. 31, 2006, NetSuite reported a net loss of $23.42 million on revenue of $67.20, compared to a net loss of $37.45 million on revenue of $36.36 million in the prior year.
NetSuite spent $4.24 million, or 18% of revenue, on product development in the first quarter, up from $3.30 million, or 24% of revenue, a year ago.
NetSuite delivers over the Internet a software suite that includes e-commerce functionality, customer relationship management and enterprise resource planning applications. It released its first application, NetLedger, as an accounting tool in 1999, followed by e-commerce in 2000 and, in 2001, CRM and sales force automation applications. It launched the NetSuite application suite as its second-generation platform in 2002.
As of March 31, NetSuite had more than 5,300 active customers. It serves mostly small and mid-sized business with up to 1,000 employees. Its retailer clients include several merchants in the Internet Retailer Top 500 Guide, including Decorative Hardware Direct, No. 254; igourmet LLC, No. 393; Action Envelope, No. 430; and The Inside Store, No. 453.
NetSuite did about 17% of its business outside of North America in the first quarter, up from 14% a year ago. Last year it formed a subsidiary, NetSuite KK, to serve the Japanese market.
Credit Suisse Securities (USA) LLC will act as sole book-running manager for the initial public offering of stock. WR Hambrecht + Co will act as co-manager.