A Silicon Valley company has acquired an Oklahoma City software development firm in what is being called a milestone deal.
California-based NetSuite Inc., a leading provider of cloud-based financials and enterprise resource planning suites, bought Element Fusion to tap into Oklahoma City's technology skills, the firms announced. Terms of the deal were not disclosed.
Andrew Lloyd, NetSuite's general manager of commerce products, said the Silicon Valley firm has been investing heavily in e-commerce solutions. The addition of Element Fusion strengthens that team.
He said the Oklahoma company was acquired after NetSuite evaluated more than 50 companies.
Element Fusion impressed its new owners with its team's expertise and emphasis on quality in its designs.
“Our goal is to take elements of their DNA and infuse them more broadly throughout NetSuite,” Lloyd said. “We really are looking for this team to take a leadership role.
“That's a big piece of the talent that they brought to the table, beyond the engineering side of things.”
Companies share vision
NetSuite has more than 1,700 employees and serves more than 16,000 companies and subsidiaries around the world.
Industry analyst Gartner has tabbed NetSuite as one of the fastest-growing financial management systems for the past three years.
Ryan Whitaker, one of the founders of Element Fusion, said it is a milestone for Oklahoma's technology community to attract the attention of a Silicon Valley firm like NetSuite.
Whitaker said the deal is great for the Oklahoma City company, which is expected to double in size over the next year as NetSuite expands.
“We couldn't be happier,” he said.
Whitaker said the acquisition by NetSuite gives Element Fusion a larger platform to push its vision about how software should work.
The company aims to delight users, he said, repeating the philosophy of creative director Matt Sanders.
“The goal here is to influence their software to make it something that people are actually happy to use,” Whitaker said.