NetSuite, the California-based Inc. 500 software company, is filing the paperwork to go public, according to the San Francisco Chronicle. The company, which makes dashboard business software for small- and midsize companies, was founded by Evan Goldberg and Zach Nelson, two former Oracle executives. Larry Ellison, the legendary founder of Oracle, owns a majority of the company.
"Despite rumors to the contrary, NetSuite which has been in business for eight years has yet to turn a profit," the Chronicle reports. "For the quarter ended March 31, the company reported net losses of $3.7 million on sales of $23.2 million, putting it on track for $100 million or more in sales in 2007. In 2006, NetSuite generated $67.2 million in revenues and net losses of $23.4 million." (To read the rest of the newspaper's report, click here.)
To read an article Inc. published in 2005 on"Larry's Kids"—companies that Ellison has played a pivotal role in launching—click here.