NetSuite Acquires Human Capital Management Specialist TribeHR
Cloud-based enterprise resource management (ERM) software developer NetSuite announced that it has entered into a definitive agreement to acquire human capital management (HCM) specialist TribeHR to create an integrated cloud ERM and HCM software suite for small to medium-size businesses.
Founded in 2009, TribeHR is a SuiteCloud Developer Network (SDN) partner headquartered in Waterloo, Ontario, and boasting more than 450 customers operating in more than 50 countries.
This year, not only did TribeHR join the NetSuite SDN, but it also created the TribeHR SuiteApp and now has nearly 30 joint customers with NetSuite.
"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," Zach Nelson, CEO of NetSuite, said in a statement. "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 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.
This includes recruiting capabilities including a social applicant tracking system (ATS) with integrations to LinkedIn and Facebook, as well as social HR, which overlays all the functionality of the system, with commenting, collaboration and peer and public recognition tools that span the company.
"TribeHR was founded on the idea that the best companies are built by inspired, connected and engaged employees," Joseph Fung, co-founder and CEO of TribeHR, said in a statement. "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."
Rounding out the package is support for Apple iOS devices and core human resource information system (HRIS) capabilities to manage employee information individually and in aggregate, featuring employee administration, profile, history, compensation tracking, compliance, organizational charts, company directory, employee and manager self-service, employee and recourse document storage, and time-off tracking.
Earlier this year, NetSuite announced the expansion of the SuiteCloud partner ecosystem with HCM solutions, including TribeHR. NetSuite plans to continue to partner in areas of workforce management, global payroll and other complementary solutions to the TribeHR offering.
The company said it also plans to continue its product integration and go-to-market strategy with Oracle HCM to deliver a single, integrated solution that connects HR and finance systems for midsized customers.