Hothead Games is the latest big name to join the Oracle Corporation (NYSE:ORCL) cloud platform under the NetSuite Global Business Unit. The game developer has implemented NetSuite OneWorld cloud platform, to increase operational efficiency in accounting, financing and revenue recognition.
Oracle Cloud Platform Validation
Hothead Games joining Oracle cloud platform offers further validation to the services the company offers in the highly competitive sector. The gaming company is one of Canada’s most successful and fastest growing digital entertainment companies. Some of its popular titles include Kill Shot, Rivals at War and Big Win Hockey. They have attracted more than 250 million downloads to date.
Strong demand for Hothead’s games has resulted in the growth of the company’s workforce by 50%. Turning to Oracle cloud platform is part of an effort that seeks to manage the growth while also reducing the complexities that come with increased operations.
The use of NetSuite OneWorld allows the company to replace its previous software system.
“We were always looking for a way to bridge the gap between the analytics in US dollars and the financial results in Canadian dollars […]”Our business is always changing, so we are always refining forecasts, and NetSuite OneWorld ensures we are all on the same page when making key financial decisions,” said Tim Holland, Hothead Games Director of Finance.
NetSuite OneWorld Benefits
Oracle’s NetSuite currently supports over 190 currencies with the ability to process 55 billion transactions a day in more than 195 countries. Scalability for growth is one of the benefits that Hothead Games stands to enjoy as it expands. The platform should also offer the company visibility into all operations essential for detailed breakdowns.
OneWorld’s reporting capabilities should offer Hothead Games relative insight into its payroll and marketing expenditures. The platform will also make it easier for the company to track and report financials needed it offset wage expenses under the Canadian Scientific Research and Experimental Development program. Data driven decisions should be possible thanks to a unified platform that has access to various sources of data.
Oracle stock shed 0.38% in market value in Wednesday’s trading session, to end the day at $44.81 a share.