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UPDATE 1-NetSuite adds analytical, accounting programs

Mon Mar 24, 2008 4:10pm EDT

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(Adds details from invitation, comments from analyst.)

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By Jim Finkle

BOSTON, March 24 (Reuters) - U.S. software maker NetSuite Inc (N.N) is adding new accounting, business analysis and sales force automation programs to its product line, the company said in an e-mail sent to Reuters on Monday afternoon.

The business software maker, which is majority owned by billionaire and Oracle Corp (ORCL.O) Chief Executive Larry Ellison, disclosed its plan in an invitation to an April 16 gathering to promote the products.

NetSuite shares rose $3.12, or 15 percent, to close at $24.12, in New York Stock Exchange trading.

The company sells a suite of software programs that small and mid-sized companies can access over the Web. They cover tasks from accounting to sales and marketing and Web commerce.

Mark Schappel, a financial analyst with Benchmark Co, said he saw a demonstration of the product last week.

He said one significant addition to the suite is software that allows companies to "slice and dice" data on business transactions, providing valuable information on how the business is going throughout the course of each reporting period.

"It's a great product. But it's an incremental addition from what they already had," he added. (Reporting by Jim Finkle, editing by Leslie Gevirtz; Editing by Andre Grenon)

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