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HP and NetLedger Creating Integrated Technology Solutions for Small- and Medium-sized Business Market

Posted on: Thursday, 19 June 2003, 06:00 CDT

NEW YORK--(BUSINESS WIRE)--June 19, 2003--HP (NYSE:HPQ) and NetLedger, Inc., maker of Oracle(R) Small Business Suite,(1) today announced they are working together to offer complete technology solutions -- from hardware to online business management applications -- targeted at small- to medium-sized businesses (SMBs).

The effort will enable SMBs to manage their entire business using HP products and NetLedger's NetSuite(TM), one of the most widely used front- and back-office business management software applications.

To promote the benefits of the companies' alliance, NetLedger and HP are hosting a luncheon here where they will perform a wireless technology demonstration of NetLedger's software applications on an HP Compaq Business Notebook nx7000 and a Compaq Tablet PC.

The initiative is scheduled to begin this month in the United States, home to more than 7 million SMBs, where HP and NetLedger will offer complete service, support and solutions that help small businesses increase productivity and efficiency while reducing IT costs.

"SMB customers are demanding simple, worry-free and affordable technology solutions that allow them to manage their business and focus on serving their customers," said Robyn West, vice president of small and medium business, Americas, HP Personal Systems Group. "The synergies created through our work with NetLedger will allow HP to deliver integrated solutions that help businesses with limited or no IT support staff get more value from their IT investments."

HP and NetLedger will market hardware and software solutions to customers through multiple channels, including solution providers. Current NetSuite and Oracle SMB solution providers will be offered the opportunity to participate in the HP agent program. HP resellers will be offered enrollment in NetLedger's solution provider program. Also, NetLedger will offer leasing and financing solutions to current and new customers through HP Financial Services as the designated leasing agent.

"Our partnership with HP is unprecedented in the fact that this will be the first such agreement we have entered into with any IT hardware provider," said Zach Nelson, president and chief executive officer, NetLedger, Inc. "This alliance will greatly streamline acquisition of turnkey solutions and will offer small businesses a predictable and reliable way to purchase integrated solutions for their company."

Pay-as-you-go Services

Delivered as online services, NetLedger applications start at approximately $50 per user per month and enable companies to manage all key business processes in a single, integrated system. There are no large, upfront license fees, no maintenance fees associated with hardware or software, and no complex set ups.

Leveraging a pay-as-you-go services model, NetLedger and HP will be able to deliver integrated hardware and online application software that can be used to manage key aspects of an SMB's entire operation -- accounting, payroll, sales and customer support, order processing, inventory management, Web site and Web-store creation and hosting.

Under the proposed agreement, these base operations would run on industry-standard HP ProLiant servers to perform provisioning tasks in NetLedger's data center loaded with NetSuite.

Since NetLedger's first online application launch in 1999, the company has surpassed the 7,000-customer milestone, making it the leading provider of integrated online enterprise resource planning and customer relationship management application services for small- and medium-sized businesses.

More information about HP and NetLedger's solutions is available at www.netsuite.com/hp.

About NetLedger, Inc.

Founded in 1998, NetLedger, Inc. is a leading provider of ERP and CRM application software for small and mid-sized businesses. In addition to NetLedger(TM) Advanced Accounting, NetCRM(TM), and NetSuite(TM), NetLedger's products also include Oracle Small Business Suite, which has won many prestigious industry awards, such as the PC Magazine Editors' Choice Awards in 2001 and 2002; PC World Best Bets 2001; PC World 2001 World Class Award; Forbes.com's Best of the Web 2001 and 2002; and Upside Hot 100 2002. Recently NetLedger's NetSuite has won five stars out of five from PC Magazine. NetLedger also provides enhanced, integrated solutions through its strategic partnerships including Yahoo! Inc. (Nasdaq:YHOO), Paytrust, and Innovative Merchant Solutions. The company currently has more than 7,000 companies using its products and the company's investors include Larry Ellison, StarVest Partners L.P., ADP and PaineWebber. For more information about NetLedger visit www.netledger.com.

About HP

HP delivers vital technology for business and life. The company's solutions span IT infrastructure, personal computing and access devices, global services and imaging and printing for consumers, enterprises and small and medium business. For the last four quarters, HP revenue totaled $70.4 billion. More information about HP is available at http://www.hp.com.

(1) The Oracle Small Business Suite name is used under license from

Oracle Corporation (Nasdaq:ORCL).

Oracle is a registered trademark of Oracle Corporation and/or its affiliates.

This news release contains forward-looking statements that involve risks, uncertainties and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the possibility that the market for the sale of certain products and services may not develop as expected; that development and performance of these products and services may not proceed as planned; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to HP's quarterly report on Form 10-Q for the quarter ended January 31, 2003, and subsequently filed reports. If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, HP's results could differ materially from HP's expectations in these statements. HP assumes no obligation to update these forward-looking statements.

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