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(1.57MB PDF)
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Comprehensive End-to-End Asian Market Entry Services
Customer
NetSuite, Inc. is the leader
in on-demand business software suites and the fastest-growing software company in
North America (source: Deloitte Fast 500 study). NetSuite enables companies to manage
all key business operations in a single system, which includes accounting/Enterprise
Resource Planning (ERP), Customer Relationship Management (CRM), and Ecommerce.
NetSuite is delivered as an on-demand service, so there is no hardware to procure,
no large, up-front license fee, and no complex set-ups. Finally, NetSuite's patent-pending
"real-time dashboard" technology provides an easy-to-use view into role-specific
business information that is always up-to-date. For more information about NetSuite,
visit: www.netsuite.com
Challenge
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 the world's second largest ERP market
after the US, without impacting cashflow and profitability.
Overview of RTMAsia Solution
After an initial engagement to assess the revenue and market
potential for Asia, RTMAsia 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 and go to market partnerships
with leading Japanese companies. As a result, RTMAsia helped NetSuite raise more
than $23 million dollars of funding that could be mobilized immediately to build
the Japan product as well as hire the Japan sales and support team. Currently plans
are in place to leverage the Japan success and product enhancements to enter the
China and Korean markets.
CEO Quote
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 RTMAsia 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 RTMAsia team worked seamlessly as part of my extended executive team, which
minimized my and my team's workload throughout. In the end it is very clear to me
that working with RTMAsia 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.
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Zach Nelson, CEO, NetSuite, Inc
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What RTMAsia Provided
After completion of an initial market entry analysis exercise,
RTMAsia 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:
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Comprehensive market entry analysis and cost assessment by country
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Creation of detailed market entry plans, budgets and board presentations
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Product localization needs analysis, product plan development and outsourcing partner
screening and management
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Channel partner screening, recruiting, contract negotiations and day-to-day management
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Coordination of executive visits, press conferences, marketing events, campaigns
and leads. Local language website development assistance
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Virtual office, staffing and bookkeeping services
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Company formation, tax and legal document filings with the authorities
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Employee recruiting, onboarding, benefits management and related services
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Investment package development, strategic partner recruitment and end-to-end management
of the negotiation process (over $23M raised to date)
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The Results
By leveraging RTMAsia's services, NetSuite has accelerated
its time-to-market and revenue by more than 2 years and has received more than $23
million dollars from strategic partners in the region to fund and accelerate their
go to market efforts in Japan. As a result, revenue in Japan alone is up five fold
over the previous year and Asia as a whole has more than quadrupled in the first
year of RTMAsia's involvement. This enhanced presence in Asia has made NetSuite,
Inc., naturally appear more valuable to investors in the crucial run up their IPO
on the NASDAQ.
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