Cloud-based financials and enterprise resource planning (ERP) provider NetSuite announced its third-quarter financial results, with total revenue for the period standing at $106.9 million, representing a 34 percent increase over the same period in the prior year.
However, cash flows from operations were $14.6 million in the third quarter of 2013, down from $15.2 million in the same period in the prior year.
"This week has been a tale of two companies as NetSuite's Q3 revenue set a new record, while SAP effectively exited the business of providing software for mid-sized companies as they scale back their Business By Design product, which they once hyped as a NetSuite killer," Zach Nelson, CEO of NetSuite, said in a statement. "These two divergent results show that as mission-critical software moves to the Cloud, it is far safer for customers to turn to committed leaders like NetSuite rather than bet on the PowerPoint presentations of last-generation providers like SAP, Microsoft and Sage."
Earlier this week, the company announced that it has entered into a definitive agreement to acquire human capital management (HCM) specialist TribeHR to create an integrated cloud enterprise resource management and HCM software suite for small to medium-size businesses (SMBs), although terms of the deal were not disclosed.
On a generally accepted accounting principles (GAAP) basis, net loss for the third quarter of 2013 was $16.8 million, or ($0.23) per share, as compared with a net loss of $8 million, or ($0.11) per share, in the third quarter of 2012.
A company release also noted that the non-GAAP net income for the third quarter of 2013 was $6.9 million, or $0.09 per share, as compared with non-GAAP net income of $5.7 million, or $0.08 per share, in the third quarter of 2012.
On the same day that the company revealed its third-quarter financial results, NetSuite also announced that five additional partners joined the company's Solution Provider Program, offering midmarket companies a complement of consulting and implementation services for the firm's cloud ERP, customer relationship management (CRM), e-commerce and professional services automation (PSA) software suite.
Those partners are Accretive Solutions, Sabre Solutions, ADN, The TM Group and Corporate Renaissance Group.
Launched in 2002, the Solution Provider Program is the company's cloud channel partner program, providing a wide variety of channel partners with a cloud solution to offer prospective customers and grow their businesses as well as competitive margins and incentive programs, like the NetSuite SP100, which pays partners 100 percent of first-year NetSuite sales revenues.