NetSuite, a San Mateo, Calif.-based on-demand software company owned by Oracle founder Larry Ellison, is seeking to raise $75 million in an initial public offering filed with the SEC on Monday.

The company, which makes Web-based business-management applications for small and midsize firms, hasn't turned a profit since being founded eight years ago. Last year, it lost $23.4 million on $67 million in revenue, adding to an accumulated deficit of nearly $200 million.

Ellison controls 74 percent of company's common stock. Both NetSuite founder Evan Goldberg and CEO Zachary Nelson have worked for Ellison in the past.

The number of shares the company expects to sell and the price range were not disclosed.

NetSuite ranked No. 27 in the 2005 Inc. 500 list of the nation's fastest-growing private companies. It was the second straight year the company was named on the list.

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Published on: Jul 3, 2007