Oracle buys cloud company NetSuite

Oracle has entered into a definitive agreement to acquire NetSuite, the very first cloud company. The transaction is valued at $109 per share in cash or approximately $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,” added Hurd.

“We expect this acquisition to be immediately accretive to Oracle’s earnings on a non-GAAP basis in the first full fiscal year after closing,” said Safra Catz, chief executive officer, Oracle...Read More