Oracle Snaps Up NetSuite for $9.3 Billion to Bolster Cloud Offering

Oracle Snaps Up NetSuite for $9.3 Billion to Bolster Cloud Offering Image Credit: Oracle

Software giant, Oracle announced that it is acquiring NetSuite, an enterprise cloud services company co-founded by Oracle executive chairman, Larry Ellison for approximately $9.3 billion, or $109 per share in an all-cash deal. Larry owns about 40% of NetSuite.

Founded in 1998, NetSuite which holds a leading position in the cloud enterprise resource planning (ERP) space, will quickly increase Oracle's market share in the fast-growing cloud computing business.

NetSuite enables companies to manage core key business operations in a single system, which includes Enterprise Resource Planning (ERP), Accounting, Customer Relationship Management (CRM), and Ecommerce. 

Mark Hurd, Chief Executive Officer, Oracle
Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever.

Evan Goldberg, Founder, Chief Technology Officer and Chairman, NetSuite
NetSuite has been working for 18 years to develop a single system for running a business in the cloud.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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