Cloud CRM and ERP provider NetSuite (N) has named Fred Studer, a former Microsoft (MSFT) and Oracle (ORCL) top marketing executive, to its chief marketing officer (CMO) post, and charged him with overseeing the company’s worldwide marketing initiatives, including awareness and adoption of its business management software platform.
The San Mateo, CA-based NetSuite, which concentrates its marketing efforts at mid-sized organizations, large enterprises and divisions of large enterprises seeking to upgrade their client/server ERP and other systems, said Studer’s experience in product and corporate marketing will help flesh out the cloud application provider’s go-to-market strategy.
Moreover, Studer, regarded as a marketing whiz, likely will benefit NetSuite's channel organization and help partners elevate their marketing campaigns and strategies.
"Fred's broad experience in enterprise and consumer technology, his innovative approach to marketing and his incredible enthusiasm are an ideal fit as NetSuite continues to lead the way forward in the market for cloud-based business software," said Zach Nelson, NetSuite chief executive. "Being a passionate marketer myself, I am excited to be working with another marketer with such a creative and innovative flair."
Nelson has been handling NetSuite’s CMO duties since David Downing exited last year after five years with the company.
Studer’s background includes a seven year stint at Microsoft, where he led product marketing for Dynamics CRM and maintained responsibility for Dynamics ERP products Dynamics AX, NAV, GP, SL, and industry solutions. While at Microsoft, Studer also served as Microsoft Office business general manager handling U.S. subsidiary revenue and P&L for Microsoft Office products.
Microsoft’s Dynamics ERP and CRM rival NetSuite’s product suite in the business management software space.
Prior to his Microsoft tenure, Studer served a 12-year stint at Oracle, most prominently as its marketing group vice president responsible for identifying opportunities, creating strategy, and generating awareness and demand for Oracle applications and industries solutions.
"NetSuite has amazing prospects for continued significant customer growth over the coming years, its strategic direction and track record for innovation mean that the company is extremely well positioned within its market,” said Studer. “NetSuite's passion for building long-lasting customer success and developing innovative products were significant factors in my decision to join the company,” he said.
For Q3 2014, NetSuite reported $143.7 million in sales, a 34 percent increase over the same period last year. The company lost $29.3 million, or $0.38 a share, for the period, nearly doubling the $16.8 million, or $0.23 a share, it lost at the same time last year.
NetSuite recorded its ninth consecutive quarter of more than 30 percent year-over-year revenue growth as well as Q3 earnings that exceeded its outlook.
The company expects 2014 sales to come in at about $550 million and revenue to spike in 2015 to upwards of $725 million.