Tax and Financial Planning News


NETSUITE FILES FOR IPO NetSuite is seeking to raise $75 million as the San Mateo, Calif.-based company filed its S-1 registration for a long-talked-about initial public offering.

The SEC form shows that the online software company lost $23.4 million in 2006, down from $38.2 million in 2005. It had $67.2 million in revenue for the most recently completed year, compared to $36.4 million for 2005. In previous statements, president Zach Nelson said revenue was about $70 million for 2005, and made an early 2006 prediction revenue would reach $100 million that year.


Partner Insights

Microsoft has named Kirill Tatarinov, who previously served as a corporate VP of the company's enterprise management division, as the leader of Microsoft Business Solutions which markets the Dynmics accounting software and CRM line.

Tatarinov replaces Doug Burgum who headed the operations for 23 years, first with Great Plains, and then with MBS after Microsoft acquired the Fargo, N.D.-based accounting software company in 2001. Meanwhile, Tami Reller, who was Great Plains' CFO, and then corporate VP with MBS, will be leaving the company.


Intuit has embraced Linux as a platform for its QuickBooks Enterprise Solutions software, saying that 20 percent of the installations of the mid-market software have an open-source environment.

The move to Linux is the first time Intuit has supported open source, but company officials indicated it wouldn't be the last. Intuit is providing the Linux Database Server Manager for free, enabling QBES to reside on the same Linux server as a user company's other applications.


Red Wing Software, which makes accounting and payroll software, has named Joe O'Leary as director of sales.

O'Leary was previously director of new product development for RAM Center, a robotic automation company based in Minnesota, and then was VP of sales and marketing for a proprietary technology company. Following that, he ran his own marketing and consulting firm and was later GM with a national franchise company.


Serenic, a Canadian company that markets the Serenic Navigator nonprofit accounting line, has named Randy Keith as CEO, replacing Jay Malik, who ran the company before and after its acquisition by Vision HRM in 2004.

Keith, who once lead Navision's U.S. operations, had been named as president and COO earlier this year. Meanwhile the company reported almost $39,500 in net income, which trimmed its 2006 loss to roughly $227,000, compared to net income of about $302,000 in 2005. Sales for 2006 were about $7.5 million, up from $7.1 million a year earlier.


Online vendor Intacct has received $14 million in funding from new investors Sigma Partners and Sutter Hill Ventures, joined by prior investor Emergence Capital Partners.

Michael Braun, who joined Intacct as CEO earlier this year, said that the company is recommitting to the reseller channel and that includes renewing relationships with the CPA community. Intacct's initial push included offering its services via CPA Web sites on a private-label basis.


The Sage Group, the English parent of Sage Software, has purchased Creative Software, a payroll and HRMS software company based in Singapore, in a deal valued at roughly $6.6 million.

The acquired company has about 4,000 customers in southeast Asia and has branch offices in Kuala Lampur and Hong Kong. It employs 70 people and had about $3.2 million in revenue in 2006.


Todd Salkovitz, who led MYOB's U.S. consultant recruiting effort for many years, has been named to the newly created position of product manager, Mac Products.

The move entails a change of companies since MYOB US was spun off from its Australian parent in 2005 and operates as a distributor of MYOB software, which does business under the name Acclivity. Salkovitz is now employed by the Australian company, MYOB Ltd.

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