Oracle buys NetSuite for $9.3bn to further strengthen its cloud story
Updated 1758 BST #Oracle has announced the acquisition of cloud ERP software provider #NetSuite for $9.3 billion (£7.07bn). The move had been rumoured strongly for the past couple of weeks – and certainly in the back of people’s minds for asignificantly longer period of time – yet the agreement was confirmed today, and is expected to close later this year subject to usual regulatory approvals. “Oracle and NetSuite cloud applications are complementary, and will co-exist in the marketplace forever,” said Mark Hurd, Oracle CEO. “We intend to invest heavily in both products – engineering and distribution.” Evan Goldberg, founder and CTO of NetSuite, said: “NetSuite has been working for 18 years to develop a single system for running a business in the cloud. This combination is a winner for NetSuite’s customers, employees and partners.” The deal represents the latest move by Oracle to beef up its cloud operations. “This acquisition is all about strengthening Oracle’s cloud story,” John Dinsdale, chief analyst at Synergy Research told CloudTech. “It will push Oracle a couple of places higher in the enterprise SaaS market share rankings and will strengthen its position as one of the two leading ERP SaaS vendors, alongside #SAP.