Raised nearly $28 million in equity, product localization (NRE) investments and sales commitments from local partners and drove a 500% revenue increase through building an effective team in Japan and partners throughout Asia Pacific
We knew there was a large market opportunity for us in Asia but from prior experience we also knew that tapping the market could be very expensive, time-consuming and unpredictable. The RTM Asia team professionally and expertly guided us on all facets of our market entry: product requirements, market sizing, budgeting, partner selection, fund-raising, subsidiary formation, hiring and operations-literally everything! The RTM Asia team worked seamlessly as part of my extended executive team, which minimized my team’s workload throughout. In the end it is very clear to me that working with RTM Asia saved us enormous amounts of time, effort and money and there is no doubt we achieved our goals more quickly than we could have on our own.
Today, more than 10,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-class cloud ERP solutions for divisions of large enterprises and mid-sized organizations seeking to upgrade their antiquated client/server ERP systems. As the leading provider of cloud-based solutions, NetSuite excels at streamlining business operations. As demonstrated by the 2011 CODiE Award for Best Financial Management Solution, as well as a recent Gartner study naming NetSuite as the fastest growing financial management systems vendor in the world, NetSuite has continued its success in delivering the best cloud business solutions to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud is accelerating.
Even the fastest-growing software company in North America had challenges, namely how to expand into Japan, China and the rest of Asia without incurring massive costs for localizing such a complex product for use in those countries. With their recent expansion into the UK, NetSuite realized the incremental costs for not only the offices, employees, marketing and support were large, but in particular the amount of time, effort and cost to get the ERP portion of the product working properly with local standards was prohibitive. Being a pre-IPO startup with tight cashflow and the need to show a profit prior to their IPO, NetSuite needed to find a way to quickly establish their business in Japan, the world’s second largest ERP market after the US, without impacting cashflow and profitability.
After an initial engagement to assess the revenue and market potential for Asia, RTM Asia not only showed NetSuite executives a way to enter Japan sooner rather than later, but also that it was possible to make the entire exercise self-funding by orchestrating a combination of equity investments and go to market partnerships with leading Japanese companies. As a result, RTM Asia helped NetSuite form strategic partnerships in Japan in order to build the Japan product as well as hire the Japan sales and support team.
WHAT WE PROVIDED
After completion of an initial market entry analysis exercise, RTM Asia was awarded a long term engagement to build and drive NetSuite’s Asia business on an outsourced basis. The scope of the work performed included:
- Comprehensive market entry analysis and cost assessment by country
- Creation of detailed market entry plans, budgets and board presentations
- Product localization needs analysis, product plan development and outsourcing partner screening and management
- Channel partner screening, recruiting, contract negotiations and day-to-day management
- Coordination of executive visits, press conferences, marketing events, campaigns and leads. Local language website development assistance
- Virtual office, staffing and bookkeeping services
- Company formation, tax and legal document filings with the authorities
- Employee recruiting, onboarding, benefits management and related services
- Investment package development, strategic partner recruitment and end-to-end management of the negotiation process
By leveraging RTM Asia’s services, NetSuite has accelerated its time-to-market and revenue by more than 2 years and raised nearly $28 million in funding from strategic partners in the region to accelerate their go to market efforts in Japan.