Accounting News


NETSUITE CUTS LOSS NetSuite cut its loss to $3.1 million for the second quarter ended June 30, down from $9.6 million. Meanwhile, revenue for the San Mateo, Calif.-based online application vendor hit $36.6 million, up 43 percent from $25.5 million a year earlier.

NetSuite added 136 employees during the quarter, sales personnel along with workers added via the purchase of OpenAir. The company now employs 901. CEO Zach Nelson said international sales, representing 20 percent of the total, was its fastest growing segment.


Partner Insights

Deltek reported revenue of $77.4 million for the fourth quarter ended June 30, up 13 percent from $68.4 million the prior year. Net income reached $5.4 million, up 21 percent from $4.5 million in last year’s corresponding period.

The Herndon, Va.-based company, which markets software for project-based companies, said software license fees rose to $22.1 million, up 17 percent; consulting services totaled $22.3 million, up 13 percent; and maintenance and support services totaled $28.3 million, an increase of 11 percent.


CDC Corp., based in Hong Kong and Atlanta, has withdrawn its plan for an initial public offering for CDC Software, its U.S.-based software arm.

The company cited market conditions for the decision. CDC also announced the resignations of Eric Musser, president and CEO of CDC Software, and of Michael Lattimore as CFO of the parent company. Peter Yip, CEO of the parent company, said there is now no need for a CEO of the software subsidiary.


Net income for Epicor dropped to $1.3 million for the second quarter ended June 30, down from $3.6 million a year earlier, as interest expense rose to $4.4 million, up from $2.7 million a year ago.

Revenue for the most recently ended period rose to $127.95 million, up 21 percent from $105.7 million. Operating revenue, affected by an increase in R&D spending, dropped to $5.5 million from $7.2 million.


Sales-and-use-tax vendor Avalara has acquired New Horizons Systems, a tax GIS, mapping technology company.

Avalara described New Horizons as one of three providers of geographic tax determined in the United States.


Blackbaud, the Charleston, S.C.-based nonprofit software vendor, reported net income of $9 million for the second quarter ended June 30, up 9.8 percent from $8.2 million a year ago.

Revenue was $72.5 million, up 13 percent from $64 million a year earlier. However, the company reported subscription revenue of $9 million, up 63 percent from a year earlier; services revenue of $23.3 million, up 14 percent; and maintenance revenue of $26.4 million, up 13.8 percent.


A continuing effort to grow staff led nonprofit vendor Serenic to a loss of $550,842 (Canadian) for the first quarter ended May 30, up 86.8 percent from $294,854 a year earlier.

Revenue rose to $1.97 million, up 8.1 percent from $1.83 million in last year’s corresponding period. The company increased operating expenses 21.1 percent during the quarter by hiring additional sales and consulting staff and accelerating marketing programs.


Syspro has hired Brenda Nobleza to run its VAR program with plans to grow the number of resellers by at least 20 percent over the next 12 months

The company wants to recruit “super VAR” dealers for its key vertical market initiatives.

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