Oracle to buy NetSuite for US$9.3 billion
Last week Oracle announced it will acquired cloud-based software provider NetSuite for US$9.3 billion.
The acquisition aims to boost Oracle’s cloud credentials and Oracle co-founder, Larry Ellison, is a major shareholder and early backer of NetSuite.
“Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever,” said Mark Hurd, CEO, Oracle. “We intend to invest heavily in both products—engineering and distribution.”
NetSuite was founded in 1998 with a vision to build a next-generation software application designed to run a modern business.
“NetSuite has been working for 18 years to develop a single system for running a business in the cloud,” said Evan Goldberg, founder, CTO and chairman, NetSuite. “This combination is a winner for NetSuite’s customers, employees and partners.”
NetSuite’s CEO since 2002, Zach Nelson, was Oracle’s VP of marketing in the late 1990s.
“NetSuite will benefit from Oracle’s global scale and reach to accelerate the availability of our cloud solutions in more industries and more countries,” said Nelson. “We are excited to join Oracle and accelerate our pace of innovation.”
The transaction is expected to close in 2016.
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