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CORRECTED-NetSuite to promote software through HP resellers
BOSTON, Nov 12, 2008 (Reuters via COMTEX) --
NetSuite Inc, a software maker majority-owned by
Silicon Valley billionaire Larry Ellison, said it will promote its products
through some 15,000 resellers that help market goods for Hewlett-Packard Co .
The agreement announced on Tuesday will vastly broaden the sales reach of
NetSuite at a time when it is struggling to keep sales growth in line with
investor expectations.
NetSuite, whose software is used by small- and mid-sized businesses to
manage accounting, coordinate sales activities and run Web stores, has yet to
turn a profit and has about 1,000 workers.
Companies that sell goods for HP will refer potential customers to sales
staff at NetSuite, which provides its software online as a subscription service.
Such independent companies -- which sell and service computer hardware,
software and other types of products made by tech companies -- are commonly
known as resellers.
If Palo Alto, California-based NetSuite closes a deal based on a lead
from an HP reseller, the reseller will get a commission on the sale and be
compensated again when the contract is renewed.
The deal with Hewlett-Packard covers resellers who specialize in selling
goods to small and mid-sized businesses. The resellers will also have a chance
to learn to provide professional services and tech support to NetSuite
customers.
Adding HP's reseller network is part of NetSuite's effort to accelerate
its expansion and compete against the far bigger sales teams of its key rivals,
Salesforce.com, Microsoft Corp, SAP AG and Intuit Inc .
Last week, NetSuite warned investors that revenue during the fourth
quarter ending Dec 31 will miss Wall Street expectations after some customers
delayed signing contracts.
The company also posted a wider-than-expected third-quarter quarter loss,
saying that businesses held off on signing deals as Congress debated the $700
billion financial bailout package.
(Reporting by Jim Finkle, editing by Leslie Gevirtz) Keywords: NETSUITE HP/
(jim.finkle@thomsonreuters.com; + 1 617 856 4344; Reuters Messaging:
jim.finkle.reuters.com@reuters.net)
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