NetSuite Acquires IQity's Cloud Business
NetSuite has acquired the cloud practice of IQity, provider of advanced collaborative manufacturing software.
With the acquisition, the cloud-based financials, ERP and omnichannel commerce software provider creates a single cloud ERP system that serves both discrete and batch-process manufacturers with deep industry functionality. Adding IQity’s deep domain experience will serve manufacturers in managing their businesses more profitably from order-to-cash through build-to-ship, and their operations, supply chain processes, and IT overhead and efficiencies.
Pittsburgh, Penn.-based IQity Solutions joined NetSuite’s SuiteCloud Developer Network in 2012 as a key solution partner, using the SDN platform to create the IQity Advanced Manufacturing SuiteApp. The natively built app provides NetSuite customers with shop floor, resource capacity planning, finite production scheduling, batch work order management, integrated quality management, and advanced data collection capabilities to track actual production results, equipment utilization, labor productivity, downtime and rework. The IQity Advanced Manufacturing SuiteApp achieved “Built for NetSuite” certification from the Built for NetSuite program.
“As today’s manufacturers face increased global competition, rising customer expectations and digital transformation, they need modern technology solutions to enable them to adapt,” stated NetSuite president Jim McGeever. “The combination of NetSuite and IQity arms these companies with a unified, cloud-based system that extends across manufacturing, financial and commerce processes to help transform their business operations.”
At the time of the acquisition, NetSuite and IQity shared nearly 40 customers.
“Market pressures on manufacturers have never been greater and legacy, on-premise systems are not sufficient to manage the growing complexity of the business environment,” stated IQity Solutions founder Dave Gustovich. “With the acquisition of the IQity cloud business, NetSuite is offering the opportunity to power the next level of business results with a unified system that lets manufacturers focus on product innovation, efficiency and profit margins; not managing a patchwork of disconnected point solutions.”
The financial terms of the acquisition were not disclosed.