NetSuite, a company that provides cloud-based business management software suites, is furthering its mobile strategy by launching a free iPhone app to compliment its web-based products. The iPhone app gives NetSuite users on-the-go access to the company’s on-demand SaaS offerings, which include real-time dashboards with financial and customer data from CRMs and other applications.

A competitor to Salesforce.com, NetSuite offers four main types of cloud computing software: Enterprise Resource Planning (ERP), CRM, accounting, and ecommerce software. In any business, mobile access makes business processes speedier, so NetSuite has tried to make the crossover between the web and the iPhone (or iPod touch) seamless.

With the new app, users get real-time access to their NetSuite calendar and task lists, including the ability to accept or decline events and mark tasks complete. With respect to the CRM, sales reps can see leads, view client purchase history and contacts, and review past orders. Users can also access accounting information, browse financial trends and graphs, read performance indicator reports and receive and generate detailed financial scorecards.

NetSuite faces competition primarily from tech giants Salesforce.com and Microsoft, which both offer business application suites such as CRMs and ERPs. Salesforce has had an iPhone app (as well as apps for Blackberry and Windows Mobile devices) to compliment its products since early this year and has similar functionality to NetSuite’s app. Of course the larger picture for most companies is whether they trust all of their business data going in the cloud and then within an app, but as more and more companies become increasingly comfortable with the idea of the cloud, this concern is minimized.

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NetSuite, a company that touts itself as a provider of solutions that can help companies run almost every aspect of their business, announced Friday that it will be the first business application provider to provide native support for Google Chrome.

According to the company, Chrome’s browser is an ideal candidate for NetSuite products. Because the browser is optimized for Web 2.0, the company’s AJAX-powered features in its products should work much better on Chrome than any other browser. NetSuite was quick to point out, though, that its products can still be used on Internet Explorer, Firefox, and Safari.

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NetSuite added to its online CRM and accounting applications today by acquiring OpenAir for $26 million, including the assumption of $5 million of restricted stock that will continue to vest through 2010. Boston-based OpenAir sells Web-based software aimed at professional services firms, including timesheets, expense reports and project management.

The acquisition isn’t a huge win for investors Fidelity Capital, 3i, i-Hatch Ventures, and Rex Capital, who have already sunk $16 million into the company. The deal was all cash, net of the cash on OpenAir’s books and the $5 million in restricted stock. NetSuite will keep all 56 employees.

If NetSuite can do a better job pushing OpenAir’s Web-based software to its larger base of existing customers and reach new professional service customers as well, the acquisition will look like a deal.

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Rumors first came up that the company was going public a year ago. In July 2007 the company made their first filings with the SEC.

Revenue to date this year is nearly $77 million, with losses of around $20 million.

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We previously reported that NetSuite had selected Credit Suisse as their sole banker on the IPO. It turns out they’ve added WR Hambrecht to the deal as well. We had an indication that they would be hoping for a $1 billion+ valuation out the door. There’s no way to confirm that now as pricing information is only determined just prior to the actual IPO and the company is now in what’s called a “quiet period” where they will not be discussing anything about the deal with the press or anyone else. The estimate sounds about right, though. Salesforce is worth about $5 billion based on current revenues of $500 million/year, and SAP has a market cap of $62 billion on nearly $13 billion in revenues. NetSuite’s revenues are now nearly $25 million/quarter. It will be interesting to see how full a valuation the market provides to NetSuite’s integrated ERP and CRM solutions.

The company has raised over $100 million in venture capital, and they will likely be raising another $75 million or so in this transaction.

Oracle’s Larry Ellison owns a majority of the company, and stands to make a significant amount of money in the IPO.

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Investment bankers are desperate for deals right now as very few companies are going public (and tech IPOs are nonexistent). A source close to the IPO selection process has told us that NetSuite chose Credit Suisse as their banker. And in a surprise move, NetSuite has decided not to syndicate the deal. Usually, IPOs have 2-3 investment banks involved, but NetSuite is going just with Credit Suisse. Our understanding is that the company may have negotiated a lower fee for the IPO than the standard 7%, which is extremey rare.

Oracle’s Larry Ellison owns a majority of the company, and stands to make a significant amount of money in the IPO. But this could also be very good for Silicon Valley, as a number of profitable tech companies grow to the point where an IPO is feasible.

NetSuite has raised over $100 million to date, and is looking to raise another $100 million in the IPO in exchange for 10% of the company.

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