got off to a slow start, but it is finally on a growth path.
The software-as-a-service maker, founded in 1998, filed its first registration statement Monday with the
Securites and Exchange Commission
for its initial public offering. It expects to issue a small stake to the public, of up to $75 million in shares, through a Dutch auction.
The San Mateo, Calif.-based maker of customer-relationship-management software had revenue of $67.2 million in 2006 and is a smaller competitor to
, which was founded in 1999 by former
executive Marc Benioff.
NetSuite may even compete with Oracle, yet Oracle CEO Larry Ellison stands to benefit from the IPO: He and his family own approximately 74% of NetSuite, through Tako Ventures, and will retain control of the company.
NetSuite has a way to go to catch up to Salesforce.com, which had revenue of $162.4 million for the quarter ended in April.
But NetSuite's revenue is on a steeper growth curve. Its revenue grew 85% in 2006 and 72%, year over year for the quarter ended in March. Salesforce grew 60% for the year ended in January and 55% for the quarter ended in April.
While growing, NetSuite still has yet to turn a profit: It lost $23.4 million in 2006.
Credit Suisse Securities and WR Hambrecht are underwriters for the IPO.