“Implementing NetSuite not only accelerates our scalability, but also enhances visibility into critical information fostering deeper insights. Despite its recent launch, our team is already experiencing improved efficiency and heightened data visibility.” 

Charles Beck, CFO - Digimarc 

Digimarc is the pioneer and global leader in digital watermarking technologies. For nearly 30 years, Digimarc innovations and intellectual property in digital watermarking have been deployed at massive scale for the identification and the authentication of physical and digital items. 

Challenge

Digimarc Corporation (NASDAQ: DMRC) adopted NetSuite to better scale with its growing business and to unlock more value for its users. Their goals were to increase automation, improve internal controls, and increase the visibility of critical business data. Digimarc retained Rapid Cloud Partners (RCP) to design a system to care for global transactions, across multiple subsidiaries, including currency exchange and local compliance. The Digimarc team also required consolidated reporting and the flexibility to allow for future product and geographic expansion. Areas of focus were recurring billing, revenue recognition, AP automation, and SaaS metrics.

Solution

RCP implemented NetSuite OneWorld to care for global transactions across Digimarc’s multiple entities. The system is designed for country-specific configuration to help ensure compliance with local accounting, tax and regulatory requirements, including AvaTax VAT calculation and collection. NetSuite OneWorld provides multi-currency management and intercompany automation for systematic revaluation and consolidation of financial statements.

To care for recurring billing and revenue recognition, RCP added the 360 Subscription Billing SuiteApp for NetSuite, allowing Digimarc to automate customer invoicing and payments while optimizing contract management, amendments, and renewals. Digimarc selected two additional NetSuite integrations to enhance their system landscape: Datarails for budgeting and project planning, and Expensify for automated expense tracking.  

By collaborating closely with the Digimarc team, RCP was able to provide solutions that will promote growth and minimize manual operations. 

“The RCP team were great partners throughout the implementation process. Acting as trusted advisors, the team assisted us in making critical decisions throughout the project. The fact that the RCP team members have real world experience using ERP tools in the same capacity was invaluable.” 

Charles Beck, CFO - Digimarc