Earlier today, Oracle announced that it has entered into an agreement to acquire NetSuite, the cloud software applications provider. The transaction is valued at approximately $9.3 billion.
Mark Hurd, Chief Executive Officer, Oracle said :
Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever.
We intend to invest heavily in both products – engineering and distribution.
Zach Nelson, Chief Executive Officer, NetSuite said :
NetSuite will benefit from Oracle’s global scale and reach to accelerate the availability of our cloud solutions in more industries and more countries.
We are excited to join Oracle and accelerate our pace of innovation.
The Board of Directors of NetSuite, with the recommendation of the Transaction Committee, has unanimously approved the transaction. The Transaction Committee is composed solely of independent directors.
The transaction is expected to close in 2016. The closing of the transaction is subject to receiving certain regulatory and shareholder approvals.