An Internet start-up, funded by Oracle chief Larry Ellison,
opened shop today to provide small businesses with Web-based accounting software.
NetLedger is jumping into the
hosting market, which lets businesses rent their software over the Web
instead of buying it.
NetLedger, which is targeting small businesses with fewer than 50
employees, is charging $4.95 a month for the accounting software, which
includes accounts receivable, accounts payable, and general ledger. Oracle's
OnLine hosting service will operate NetLedger's software, said Evan
Goldberg, NetLedger's president and CEO and former vice president of new
media at Oracle.
So far, Oracle CEO Larry Ellison is the lone investor in NetLedger, sinking
several million dollars into the company and serving as its board chairman,
NetLedger's software is accessible by users with an Internet connection and
a Web browser. The company plans to charge more money for additional
services in the future. Goldberg said the company will strike partnerships
in the coming months to connect Web stores with NetLedger's software,
allowing Web purchases to automatically be entered into the accounting
Goldberg said the company plans to start off with 100 companies and hopes
to grow to 1,000 by the end of August.