Accounting News


NETSUITE GOES PUBLIC Online software vendor NetSuite has gone public in an offering that raised significantly more money than the company originally planned in its offering of 7.3 million shares.

The company, led by CEO Zach Nelson, had originally expected an offering price of $14 to $16 per share, but raised the price twice, finally settling to $26 per share. NetSuite used a modified Dutch auction to price the offering.


Partner Insights

Project software specialist Deltek reported net income of $5.8 million for the third quarter ended Sept. 30, up 138 percent from $2.4 million, as the company issued its first report as a publicly held organization.

Revenue for the most recently ended period was $70.4 million, up 27.8 percent from $55.1 million for last year’s corresponding period. The improved bottom line came from holding the line on operating expenses, which increased by only 12.1 percent over last year. A 34.2 percent increase in consulting revenue and 28 percent increase in license revenue helped the top line.


Intuit has acquired Homestead Technologies, a company that makes Web design tools and offers Web management services, for $170 million.

Homestead, based in Menlo Park, Calif., specializes in helping small businesses design and run their Web sites.


Intacct, which offers Internet-based financial applications, has named George Jaquette as VP of product management and Daniel Druker as senior VP of marketing and business development.

Jaquette was previously involved in product management for QuickBooks. Druker was previously EVP of worldwide marketing for Postini.


Nonprofit vendor Kintera sharply cut its loss in the third quarter ended Sept. 30 as its new management is working to get out of the red.

The recent loss was $1.7 million, down sharply from a loss of $8.2 million in last year’s corresponding period, and the company said it reached its goal of achieving a quarterly adjusted EBITDA break even in the second half. Meanwhile, revenue hit $11.9 million, up 17.8 percent from $10.1 million a year earlier. Quarterly operating expenses of $10 million were down 28 percent from the year-earlier total of $13.8 million.


Acquisitions helped nonprofit software vendor Blackbaud to post $67.8 million in revenue for the third quarter ended Sept. 30, up 37.3 percent from a year earlier.

However, the Charleston, S.C.-based company reported only a 4.4 percent increase in net income, which rose to $8.8 million in the most recently completely period, compared to $8.4 million in last year’s corresponding quarter. A factor in holding down earnings was a 42.6 percent increase in sales and marketing expenses, which reached $14.6 million.


Serenic posted a sharp rise in net income on a 94.7 percent increase in revenue for the second quarter ended Aug. 31.

Net income was about $1.048 million in the most recently ended period, up from about $288,000. Revenue hit about $4.2 million, compared to about $2.14 million in last year’s corresponding period. Results are translated from Canadian dollars. The company said it had its first seven-figure transactions during the quarter and also had six-figure deals, both from direct and reseller sales.


Newly public Deltek has hired Taylor Macdonald, who led Sage Software’s channel efforts, to run its program.

Named to the new position of VP of worldwide channels and sales alliances for the Herndon, Va.-based vendor, Macdonald is in charge of building a program that currently has 45 resellers, out of a channel of 200 that includes ISVs and consultants.

A former Sage reseller, Macdonald was dismissed by Sage, along with three other top executives, in October.

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