Oracle is to buy NetSuite, the cloud computing pioneer, in a deal that values the business at $9.3 billion.
NetSuite provides a suite of cloud-based financials / ERP and omni-channel commerce software used by more than 30,000 organisations in more than 100 countries.
“Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever,” said Mark Hurd, Oracle’s chief executive officer. “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 of NetSuite. “This combination is a winner for NetSuite’s customers, employees and partners.”
The transaction is expected to close in 2016.