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TribeHR acquired by NetSuite Inc.
This story was originally published in The Record.
KITCHENER — Joseph Fung is an aspiring ninja.
But stealth and silence were not his allies on Tuesday as he told employees at Kitchener-based TribeHR that they now worked for a massive California company.
How did Fung, company co-founder and chief executive officer, break the news that TribeHR was now part of a much bigger business software tribe with office in 10 countries?
“Other than congratulations and high fives all around?” said Fung, who recently studied martial arts at the Waterloo Kung Fu Academy.
“It’s a monumental milestone for everyone.”
TribeHR, which specializes in human resources software, was sold to NetSuite Inc. for an undisclosed sum.
Sixteen staff will continue to work out of TribeHR offices in downtown Kitchener. Four staff at a satellite office in Cambridge, Mass., will move to a NetSuite office in Boston.
TribeHR began in 2009. NetSuite, based in San Mateo, is a publicly traded company with 2,138 employees that began in 1998. It had sales of $101 million US in the six months ended June 30.
“The message for our team has been very much to continue what you’re doing because we’re doing great stuff,” Fung said in a conference call.
“But now we’re backed by a global company and we can take this even further, so that’s great.”
TribeHR completes a software puzzle for NetSuite. TribeHR concentrates on people processes. NetSuite is about everything else, including processes for accounting, inventory, commerce and sales automation.
Now, with TribeHR on board, NetSuite says it can offer the complete package.
