Oracle will buy NetSuite for $9.3b

Enterprise Innovation editors
29 Jul 2016
00:00
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Oracle has arranged to acquire pioneering cloud company NetSuite for $9.3 billion.

The addition of NetSuite will enable Oracle to expand its ability to support customers of any size in more industries and more countries.

Oracle co-CEO Safra Catz said the company expects this acquisition to be immediately accretive to Oracle’s earnings on a non-GAAP basis in the first full fiscal year after closing.

The proposed transaction is expected to close in 2016. Until the transaction closes, Oracle and NetSuite will continue to operate independently.

“Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever,” Oracle CEO Mark Hurd, said. “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, CRO and chairman of NetSuite. “This combination is a winner for NetSuite’s customers, employees and partners.”

Zach Nelson, CEO of NetSuite, said the company will benefit from Oracle’s global scale and reach to accelerate the availability of our cloud solutions in more industries and more countries.

NetSuite was established in 1998 as the world's first company dedicated to delivering business applications over the internet.

Today NetSuite provides a suite of cloud-based financials/Enterprise Resource Planning (ERP) and omnichannel commerce software that runs the business of more than 30,000 companies, organizations, and subsidiaries in more than 100 countries.

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