Menu
Oracle to buy cloud provider NetSuite for US$9.3 billion

Oracle to buy cloud provider NetSuite for US$9.3 billion

The deal will allow Oracle to expand to new markets

Oracle has entered into an agreement to buy NetSuite, which provides cloud-based accounting, enterprise resource planning, customer relationship management, and other business software packages, for US$9.3 billion.

The NetSuite package of products is complementary to Oracle's cloud products and the companies' cloud packages will "coexist in the marketplace forever," Mark Hurd, Oracle's CEO, said in a press release.

The deal will allow Oracle to serve a broader range of customers, including smaller businesses, and expand to more industries and more countries, the company said. Asked what additional advantages the deal brings, and Oracle spokeswoman said, "We are declining additional comment today."

The companies expect the deal, for $109 per share in cash, to close this year. The deal is subject to regulatory approval and to NetSuite stockholders agreeing to sell their shares, Oracle said.

NetSuite began offering cloud-based products way back in 1998, and Oracle called it the "very first" cloud company.

The company has more than 30,000 customers in more than 100 countries.

NetSuite focuses on several industries, including healthcare, wholesale distributing, manufacturing, nonprofits, and media and publishing. Customers include Williams-Sonoma, Lucky Brand, The Boston Globe, and Land O'Lakes.


Follow Us

Join the newsletter!

Error: Please check your email address.

Featured

Slideshows

Meet the top performing HP partners in NZ

Meet the top performing HP partners in NZ

HP honoured leading partners across the channel at the Partner Awards 2017 in New Zealand, recognising excellence across the entire print and personal systems portfolio.

Meet the top performing HP partners in NZ
Tech industry comes together as Lexel celebrates turning 30

Tech industry comes together as Lexel celebrates turning 30

Leading figures within the technology industry across New Zealand came together to celebrate 30 years of success for Lexel Systems, at a milestone birthday occasion at St Matthews in the City.​

Tech industry comes together as Lexel celebrates turning 30
HP re-imagines education through Auckland event launch

HP re-imagines education through Auckland event launch

HP New Zealand held an inaugural Evolve Education event at Aotea Centre in Auckland, welcoming over 70 principals, teachers and education experts to explore ways of shaping and enhancing learning using technology.

HP re-imagines education through Auckland event launch
Show Comments