NetSuite Inc (N) Enters Agreement To Buy TribeHR
NetSuite Inc (NYSE:N) is a cloud-based financial company and enterprise resource planning solution that has announced a definitive agreement to acquire TribeHR. TribeHR is a human capital management company that created the first integrated cloud ERP and HCM software suite for small and mid-sized businesses (SMBs). The terns of the acquisition was undisclosed.
This acquisition would lead to the creation of a single cloud solution for modern SMBs with the ERP power to run core business operations with a rich and social HR software solution for employee management.
TribeHR was founded in 2009 and is based in Waterloo, Ontario, Canada. TribeHR has over 450 customers operating in more than 50 countries across the globe. Earlier this year, TribeHR joined the NetSuite SuiteCloud Developer Network (SDN). TribeHR also created the TribeHR SuiteApp and now they have nearly 30 joint customers with NetSuite.
“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,” stated Zach Nelson, CEO of NetSuite. “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.”