SVP, Corporate Communications
Business Expands to Serve 35,000 Partner Retail Stores Across 110 Countries, in Six Continents, Including Costco, GNC and 24-Hour Fitness
With NetSuite OneWorld, Award-Winning Sports Nutrition Company Gains Agility and Scalability to Grow Revenue 35x
NETSUITE SUITEWORLD 2014, SAN JOSE, Calif.—May 15, 2014—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that MusclePharm (OTCQB: MSLP), an award-winning sports nutrition company, has deployed NetSuite OneWorld to drive its rapid global business growth. To ensure agility and scalability, MusclePharm replaced QuickBooks at its US headquarters, Sage BusinessVision at MuclePharm Canada and a Sage Accpac solution used by BioZone, a recent acquisition, as well as numerous Excel spreadsheets, with NetSuite OneWorld's unified cloud-based business management software solution. Now MusclePharm is relying on NetSuite OneWorld to manage mission-critical business operations including financial consolidation, multi-currency management, inventory management, order management and warehouse management—all within one unified solution without having to make significant investments in IT infrastructure and IT staff. As a result, MusclePharm gained the operational efficiency, business agility and scalability that it needed, and was able to grow its revenue 35x from $3.2 million in 2010 to $110.9 million in 2013, while expanding its distribution and customer base across 110 countries on six continents, with 35,000 retail partner locations such as Costco, Dick's Sporting Goods and GNC.
"NetSuite has been a key factor enabling MusclePharm to scale incredibly fast across the globe and add new business units to fuel even more rapid growth," said Kyle Gosnell, MusclePharm Vice President of IT. "We can spend time on strategy, not IT, and handle growth with a great cloud ERP system that can scale, integrate and just plain works. There's no way we could have done that with any other system."
The booming global market for sports nutrition supplements presents huge business growth opportunities for wholesale distributors and manufacturers. Research firm Euromonitor reports the sports nutrition supplement market has nearly doubled between 2007 and 2012, from $4.2 billion to $8.2 billion, with an additional 60 percent growth projected between 2012 and 2017, to more than $13 billion . That growth comes with a set of challenges for companies that have traditionally been reliant on a hairball of disparate software systems creating inefficiencies that stifle business growth and innovation.
With NetSuite OneWorld, Denver-based MusclePharm is able to leverage the following key features to drive business growth and enjoy the unprecedented benefits:
MusclePharm® is a scientifically driven, performance lifestyle company that currently develops, manufactures, markets and distributes branded nutritional supplements. The company offers a complete range of powders, capsules, tablets and gels. Its portfolio of recognised brands, including MusclePharm® Hybrid and Core Series, Arnold Schwarzenegger Series™ and FitMiss™, are marketed and sold in more than 110 countries and available in over 35,000 retail outlets globally. These clinically-proven and scientific nutritional supplements are developed through a six-stage research process utilizing the expertise of leading nutritional scientists, doctors and universities. MusclePharm is the innovator of the sports nutrition industry. For more information, visit www.musclepharm.com.
Today, more than 20,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-class cloud financials/ERP suites for divisions of large enterprises and mid-sized organisations seeking to upgrade their antiquated client/server ERP systems. NetSuite excels at streamlining business operations as demonstrated in a recent Gartner study naming NetSuite as the fastest growing financial management software vendor on a global basis. NetSuite continues its success in delivering the best cloud ERP/financials suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud is accelerating.
1 BBC, "The rise of the protein drinks for ordinary people," June 6, 2013.
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