On-demand business software vendor NetSuite Inc. has opened a new office in Hong Kong to help position it to serve the potentially vast market for Software-as-a-Service in Asia.

"We see huge potential for our offering in this region," said NetSuite chief executive Zach Nelson.

A SpringBoard Research report predicts that Asia-Pacific SaaS revenues will grow almost six-fold between 2007 and 2011, from $274 million to $1.8 billion, while a Forrester Research report found that 61 percent of Hong Kong and Chinese firms plan to adopt SaaS within the next year.

At the same time as NetSuite announced its new office, the vendor rolled out its NetSuite OneWorld platform to local businesses, noting that the SaaS application is particularly well-suited to the sort of multinational and multi-subsidiary business operations that are based in Hong Kong.

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