Tuesday 19 March 2024
 
»
 
»
Story

Oracle buys NetSuite for $9.3bn

REDWOOD SHORES, California, July 28, 2016

Oracle today announced that it has entered into a definitive agreement to acquire NetSuite, the very first cloud company. The transaction is valued at $9.3 billion.

“Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever,” said Mark Hurd, chief executive officer, Oracle. “We intend to invest heavily in both products – engineering and distribution."

“NetSuite has been working for 18 years to develop a single system for running a business in the cloud,” said Evan Goldberg, founder, chief technology officer and chairman, NetSuite. “This combination is a winner for NetSuite’s customers, employees and partners.”

“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 Zach Nelson, chief executive officer, NetSuite. “We are excited to join Oracle and accelerate our pace of innovation.”

The transaction is expected to close in 2016. -TradeArabia News Service
 




Tags: Oracle |

More IT & Telecommunications Stories

calendarCalendar of Events

Ads