It's been a good day for ERP provider NetSuite.
Leading up to Thursday's solid first quarter earnings report, which handily beat analyst estimates, the company announced its largest acquisition to date -- a deal to buy cloud-based marketing automation company Bronto Software for $200 million.
Then just before NetSuite released its quarterly report, the company announced that it inked a deal with HP to supply the tech giant with its cloud-based business management platform OneWorld.
The platform replaces four disparate on-premise legacy systems with one unified instance for managing processes including order-to-cash, revenue recognition, intercompany transactions and multi-country taxation compliance.
As for NetSuite's Q1, the San Mateo-Calif.-based company posted a first quarter net loss of $22.7 million, or 29 cents a share, on revenue of $164.8 million. In spite of the net loss, that's a 34 percent increase year-over-year on revenue.
Non-GAAP earnings for the first quarter were 11 cents per share.
Wall Street was expecting non-GAAP first quarter earnings of 5 cents a share on revenue of $161.5 million.
In prepared remarks, NetSuite CEO Zach Nelson touted the company's 30 percent annual growth in recurring revenue, which he expects to climb even higher as businesses start phasing out more legacy systems.
"We are just at the beginning of a multi-year business system replacement cycle, as companies move from legacy, pre-Internet applications to NetSuite's solution designed to run companies in a modern cloud-centric world," Nelson said.
NetSuite ended the quarter with $386.8 million in cash and equivalents.