SAN MATEO, Calif., April 29, 2013 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP software suites, today announced that HubSpot, a fast-growing provider of all-in-one marketing software that runs in the cloud, has implemented NetSuite OneWorld to support rapid global business growth. NetSuite OneWorld builds on the success that HubSpot has achieved since its initial NetSuite deployment in September 2010, gaining the scalability needed for a fast growing company. With inbound marketing such a hot topic for brands of all sizes internationally, HubSpot knew it needed a platform that would be empowering rather than restrictive. HubSpot went live with NetSuite OneWorld in January 2012 and now has more than 20 users managing sales activity, revenue recognition, billing and invoicing in three currencies. NetSuite OneWorld is providing HubSpot with real-time business management and global financial consolidation used to automate multi-currency transactions with customers using its solutions for integrated inbound marketing that includes search engine optimization, lead management, social media engagement, marketing automation and analytics in more than 56 countries.
HubSpot is taking advantage of NetSuite's sophisticated revenue recognition functionality tailored for software companies to more effectively identify complex, deferred and multi-element sales and service revenue. With NetSuite's revenue recognition and billing functionality, the HubSpot finance team has dramatically simplified and accelerated what had been a time-consuming, manual and error-prone process using QuickBooks and Excel. The streamlining of HubSpot's business operations has been achieved even as the company's revenue recognition and billing has become more complex with rapid growth and an increasing mix of recurring subscription-based licensing revenue and ad hoc revenue from services engagements.
NetSuite OneWorld has also supported HubSpot's international growth, specifically providing the flexibility, agility, and visibility to launch the company's European headquarters in Dublin and to react quickly to the business demands of a diverse and international customer base.
NetSuite OneWorld's tax engine supports compliance for local statutory requirements in Ireland and the standardized multinational environment helps ensure that headquarters and subsidiary operations are aligned, while NetSuite OneWorld's multi-currency conversion capabilities enable the subsidiary to transact in Euros, British pounds and U.S. dollars with global financial consolidation to the U.S. global headquarters. With the Dublin subsidiary running NetSuite OneWorld, HubSpot is poised to continue exponential growth in Europe and beyond. Automated, up-to-date currency conversions with NetSuite OneWorld replaced slow, tedious manual calculations in Excel with subsequent uploading to QuickBooks. The gains in financial efficiency, visibility and accuracy that HubSpot is realizing with NetSuite OneWorld for global business mirror similar improvements the corporate finance team achieved with the company's initial NetSuite deployment to replace its problematic, labor-intensive and unscalable combination of on-premise QuickBooks and Excel.Additionally, NetSuite OneWorld enables HubSpot to introduce GAAP-compliant accounting not readily possible with its previous system. Monthly financial close times have been reduced from several weeks to several days, while financial reporting with drill-down to transactional detail has given HubSpot real-time, on-demand visibility into critical sales and expense data for better business decision-making and to meet strict auditor requirements. A custom integration enables HubSpot to seamlessly integrate CRM information from a Salesforce.com application into its NetSuite system of record. HubSpot executives believe that NetSuite has provided a scalable, unified platform for rapid growth in a cloud architecture that aligns with HubSpot's own Software-as-a-Service (SaaS) delivery model for its customers.