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ERP cloud computing specialist NetSuite has seen its losses for the fourth quarter and the year widen despite meeting expectations on the revenue front.
The company, which can boast of having Larry Ellison, Oracle's CEO, as one of its initial backers, has been extending its target market into the higher end of the mid-market space adding to its core SME business.
Revenue for Q4 was $43m compared to $35m for the same period last year and for the year increased by 9% to $166.5m. The GAAP net loss deepened to $23.3m compared to $15.9m for the year before ended 31 December.
Zach Nelson, CEO of NetSuite, looked for some positives in the numbers and pointed out that compared to a lot of its rivals, which saw sales decline, it had produced increased revenues.
"Our ten year head start in delivering cloud computing business applications bodes well for us in 2010 as companies continue to move their core business applications from 1990's style client-server offerings to NetSuite solutions that have cloud computing at their core," he said.
Research from Microsoft earlier this week indicated that SME customers, the core market for NetSuite, are moving to the cloud in a move to control costs and improve efficiency.