NetSuite, a cloud-based business management software provider, has agreed to purchase TribeHR, a leading edge human capital management solution provider. The union will allow NetSuite to offer an integrated cloud software suite featuring ERP and HCM software.
The new suite would be geared toward small to midsized businesses and would allow such companies to run key business operations from one cloud solution, which also provides complete HR software. According to Zach Nelson, NetSuite CEO:
“TribeHR is a rare HR software solution that combines the rich traditional HCM capabilities needed to manage growing organizations with an engaging social interface that encourages employee involvement and collaboration. TribeHR’s engaging system of record for employee activity, together with NetSuite’s single system of record for core operational business data gives SMBs a modern, single system to run the core aspects of their business — all with the scalability, flexibility and agility of the cloud.”
Joseph Fung, co-founder and CEO of TribeHR, feels that the two companies’ products will provide a powerful business management option for SMBs:
“TribeHR was founded on the idea that the best companies are built by inspired, connected and engaged employees. The initial reception of TribeHR in the NetSuite installed base proved the power of coupling employee engagement with operational excellence, and we are excited about going where no company has gone before in combining core business process applications with employee interaction applications.”
The news of the acquisition comes just after Symphony announced the release of its cloud-based HR/payroll combination product, which also provides access to SAP’s SuccessFactors. The combined company will allow NetSuite to further capture marketshare in cloud services for SMBs, an area that is beginning to expand due to its lower cost and complexity.