NetSuite acquires Canadian start-up vendor

NetSuite Inc. has confirmed it has acquired Kitchener, Ont.-based human capital management (HCM) software vendor TribeHR.

According to the San Jose, Calif.-based vendor this deal provides NetSuite with the crucial social HR software they have been looking for its cloud ERP suite of applications. Another aspect of this acquisition is that TribeHR will help NetSuite in the SMB business.

NetSuite plans to create an integrated cloud ERP and HCM software suite for SMB and would essential offer a single cloud solution with the ERP to run an SMB operation as well as a rich, social HR software solution to manage employees.

The proposed acquisition is subject to customary closing conditions. The terms of the proposed acquisition were not disclosed.

TribeHR is a start-up. It was established in 2009 in Canada’s Tech-Triangle. From there, TribeHR won more than 450 customers worldwide. The company signed on to be a NetSuite SuiteCloud Developer and its there where they created the TribeHR SuiteApp.

Zach Nelson, CEO of NetSuite, called TribeHR a rare company that combines the HCM capabilities needed to manage growing organizations with an engaging social interface that encourages employee involvement and collaboration.

Joseph Fung, co-founder and CEO of TribeHR, said the initial reception of TribeHR in the NetSuite installed base proved the power of coupling employee engagement with operational excellence.

Earlier this year, NetSuite announced the expansion of the SuiteCloud partner ecosystem for HCM that included TribeHR. NetSuite plans to continue to partner in areas of workforce management, global payroll and other complementary solutions to the TribeHR offering. NetSuite also plans to continue its product integration and go-to-market strategy with Oracle HCM to deliver a single, integrated solution that connects HR and finance systems for mid-sized customers.

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Jim Love, Chief Content Officer, IT World Canada

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