Oracle, providers of a comprehensive and fully integrated stack of cloud applications and platform services, announced today that it has entered into an agreement to acquire NetSuite. Netsuite offers a collection of software services used to manage a business’s operations and customer relations.
“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 and Oracle go way back; In 1998 Evan Goldberg received approximately $125 million in initial financial backing from Larry Ellison, founder and chief executive officer of Oracle Corp, through Ellison’s venture capital entity, Tako Ventures. The relationship continues on a new path that will elevate NetSuite’s solution availability worldwide.
“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.”
Oracle reports that the transaction is valued at $109.00 per share, or approximately $9.3 billion.
More information about this announcement is available at www.oracle.com/netsuite.