After months of speculation NetSuite announced they are going for an IPO.
The company’s history is that they began as the small business division of Oracle ,around 2000 NetSuite licensed the Oracle brand and introduced its Oracle Small Business Suite.
The affiliation with Oracle was a no-brainer from an executive standpoint: Oracle's CEO, Larry Ellison, owns 41 percent of Netsuite.
In 2004, Oracle and NetSuite began to distance themselves from one another. NetSuite stopped developing and marketing the Oracle Small Business Suite and changed its name from NetLedger to NetSuite.
Last year, the company turned over $67.2 million in revenue, up 84.6 percent from the previous year. In quarter ended March 31, the company raised $23.2 million in revenue, up 71.8 percent.
The company has suffered a history of losses, of $23.4 million lost last year. and in the March quarter, it sustained a net loss of $3.7 million. NetSuite has accumulated a deficit of $193 million, as of the March quarter.
NetSuite, is using the IPO to create working capital and to repay the outstanding balance on its $20 million secured line of credit with Ellison's Tako Ventures.