NetSuite

“As far as NetSuite and, you know, Dynamics and SAPs and Pro and Epicore, SysPro, all of which we have replaced, Odoo also, by the way the latest to join the bandwagon, like all of these were not built for construction.”

“QuickBooks is the monopoly for early States companies. And then eventually they switched to NetSuites and really these systems are monopolies. That is what everyone is using in the U S they go through that path”

“NetSuite cannot handle the scale of something like a firm or any consumer company where you have, you're tracking millions to even billions of money movement events throughout the day.”

“And I think that's the way that a net suite or a sales for the system record needs to operate. They have to commoditize a compliment. They can't just wait around for other people to build on top of them.”

“The reality is it runs your whole business, and there is no compelling reason for someone to put their career at stake by ripping out NetSuite. I know there's a lot of, ah, over the last year, there's been a lot of AI-enabled ERP businesses, but there is no co…”

“I'm very, very bullish on incumbents. I hope I can say that because I don't think that, I think NetSuite is going to figure out 15 different ways to monetize with AI. I think that QuickBooks, Intuit has this goldmine on their hands where they're just gonna sta…”

“NetSuite has hostages, not customers. They're not going to leave.”

“There are the ones that are almost impervious to everything that's happening with AI. And if anything, it's a huge tailwind because they're going to start being, they have the distribution, they're going to start adding features. And that's things like Workday…”

“But with, you know, a company like Oracle, which has all of this workplace software in fusion apps and NetSuite, they've implemented hundreds of use cases themselves using Coheres models.”

“For us in 2018 is when we did a big system rebuild went to NetSuite and brought on some other, other solutions. We clearly designed the business though for looking three, four, five years ahead, we were probably in the 20, thirty million range when we were doi…”

“We typically sit between like a Salesforce and a HubSpot and a backend like a NetSuite or a QuickBooks and perhaps your own service and how to get that orchestrated and done in a good way, all the way from, you know, quoting, Dealing with the subscription over…”

“Over the last year, we had to go and upgrade a bunch of HR and finance systems, and we went from great systems built by, you know, emerging startups with really intuitive UI, UX, and actually really attractive price points, and we had to upgrade to clunky ente…”

“And the reason why Sage bought us at the end of the day is they compete with NetSuite. So do we. But it's no secret that if you go to their website, you don't see a sector specific solution for retail, but obviously we are a sector specific solution for retail…”

“I'm envious of companies like NetSuite and I guess Salesforce that just end up having this kind of viral effect across once they get it, once they get a customer. We have to work very hard for retention. We have to make our products incredibly sticky.”

“Customers go live we're clipping along at about a 110 days in the last 12 months, in the last 12 month period, and that's calendar days. So that's from when you sign to when you go live. Which in comparison to the sort of legacy ERP systems like SAP or NetSuit…”

“If you look at a company like, ah, NetSuite at a high, high retention, low churn SaaS company, and you do a cohort analysis, you'll get a, you get a year over year, ah, increase in value of the entire install base of customers. So more than a hundred percent, …”

“A company like NetSuite has a gross margin on recurring revenue that's 86%, so it's a very profitable annuity.”

“Revenue growth slowed for recurring revenue, slowed from in the forties to about 16% in 2009. But that was the year we became net income positive. That was the year we became operating cash flow positive.”

“Our lifetime value of a customer has improved, has slightly more than doubled in the last two years at NetSuite.”

“There's no reason for me to think of a three-year deal as more valuable than a comparable one-year deal. Our retention rates are very high. We're gonna get, We're going to get the second and third year even if even if it's not locked into that initial contract…”

“We very much use one year contract value as the way to measure thing. That is the fundamental basis for sales comp as well. That's the commissionable amount. That's what quotas are set on.”

“You know, Evan Goldberg, the founder and CTO of NetSuite, he's one of our investors and advisors.”

“So, for example, we partner with NetSuite. NetSuite is a cloud-based ERP. Solution, the largest actually, and they basically use us as a native embedded BI engine that basically powers us for all of their customers.”

“All the SaaS applications focus on something else as the core transaction, right? MailChimp focuses on sending emails. Salesforce focuses on sort of opportunities. NetSuite focuses on financial general ledger, and contacts are sort of like, oh, we have to have…”