Leading provider of cloud-based financials, ERP and omni-channel commerce software suites, Netsuite has announced that it has acquired IQity’s cloud business.
According to NetSuite, the acquisition allows it to create the first single cloud software system that meets the needs of both discrete and batch processmanufacturers of all sizes with the ERP power to run core business operations along with the deep industry functionality required to meet ever-changing market needs and customer expectations.
The combined strengths of NetSuite and IQity’s deep domain experience can reportedly enable manufacturers to manage their business more profitably from order-to-cash through build-to-ship, helping them to achieve overall operational excellence, take control of supply chain processes and improve business value, while reducing operating costs and IT overhead.
Founded in 2007 and headquartered in Pittsburgh, IQity Solutions joined NetSuite’s SuiteCloud Developer Network (SDN) in 2012 as a key solution partner.
Leveraging the NetSuite SDN Platform, IQity created the IQity Advanced Manufacturing SuiteApp—natively built on the NetSuite platform—providing 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 utilisation; labour productivity; downtime; rework and more; culminating in lower operating costs and improving profitability.
The IQity Advanced Manufacturing SuiteApp achieved “Built for NetSuite” certification from the Built for NetSuite (BFN) program, which is designed to give NetSuite customers additional confidence in the quality of SuiteApps.
At the time of the acquisition, NetSuite and IQity had nearly 40 joint customers.
NetSuite President, Jim McGeever commented: “As today’s manufacturers face increased global competition, rising customer expectations and digital transformation, they need modern technology solutions to enable them to adapt.
“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.”
IQity Solutions founder, Dave Gustovich explained: “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.
“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 traditional, on-premise software approach used by manufacturers—typified in legacy deployments and costly customisations—creates barriers to product innovation and business growth by increasing IT costs, driving up the cost of production, and decreasing business efficiency and accuracy.
By combining the strengths of NetSuite and IQity, manufacturers gain access to a modern cloud solution, bringing them to the forefront of modern manufacturing and helping to position them for the industrial Internet of Things (IIoT).