SAN MATEO, Calif., Oct. 22, 2013 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that it has entered into a definitive agreement to acquire TribeHR, a leading provider of Human Capital Management ( HCM) solutions, to create the first integrated cloud ERP and HCM software suite for small and mid-sized businesses (SMBs). The proposed acquisition would create a single cloud solution for modern SMBs with the ERP power to run their core business operations as well as a rich, social HR software solution to manage employees. The proposed acquisition is subject to customary closing conditions. The terms of the proposed acquisition were not disclosed. NetSuite will discuss this announcement further at its scheduled third quarter 2013 earnings call on Thursday, October 24, 2013 at 2:00 p.m. PT ( 5:00 p.m. ET). Dial-in information for the call and a live webcast will be available at www.netsuite.com/investors.
Founded in 2009, TribeHR is a SuiteCloud Developer Network (SDN) partner with headquarters in Waterloo, Ontario, Canada and more than 450 customers operating in more than 50 countries around the world. In 2013, TribeHR joined the NetSuite SuiteCloud Developer Network (SDN), created the popular TribeHR SuiteApp, and now has nearly 30 joint customers with NetSuite. TribeHR also complements NetSuite's existing payroll product, NetSuite Premier Payroll Service.
"TribeHR is a rare HR software solution that combines the rich traditional HCM capabilities needed to manage growing organizations with an engaging social interface that encourages employee involvement and collaboration," said Zach Nelson, CEO of NetSuite. "TribeHR's engaging system of record for employee activity, together with NetSuite's single system of record for core operational business data gives SMBs a modern, single system to run the core aspects of their business —all with the scalability, flexibility and agility of the cloud."
"TribeHR was founded on the idea that the best companies are built by inspired, connected and engaged employees," said Joseph Fung, Co-Founder and CEO of TribeHR. "The initial reception of TribeHR in the NetSuite installed base proved the power of coupling employee engagement with operational excellence, and we are excited about going where no company has gone before in combining core business process applications with employee interaction applications."TribeHR is designed to inspire and motivate a modern workforce with mobile, social and cloud at the heart of the system. Additionally, TribeHR encompasses a full suite of HCM functionality required to recruit, manage and reward employees, including:
- Core HRIS (Human Resource Information System) to manage essential employee information individually and in aggregate, featuring employee administration, employee profile, employee history, compensation tracking, reporting for compliance, organizational charts, company directory, employee self-service, manager self-service, employee and recourse document storage, and employee time-off tracking.
- Recruiting capabilities including a social applicant tracking system (ATS) with integrations to LinkedIn and Facebook, a must for modern human resources organizations with plans for rapid growth.
- Talent Management functionality featuring 360-degree feedback tools, goal management, performance appraisals, skills tracking, and values and culture tracking.
- Social HR overlays all the functionality of the system, providing commenting, collaboration, and peer and public recognition tools that span the entire company.
- Mobile support for iOS devices so employees can collaborate and connect no matter where they are.