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Oracle to Buy NetSuite for $9.3 Billion

2016-07-29 15:58 by
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Oracle has announced plans to buy cloud software company NetSuite for $9.3 billion in cash. The giant will pay $109 in cash per NetSuite share in the transaction, expected to close this year. The deal has already been approved by NetSuite's board.

Oracle and NetSuite both offer software applications that help companies automate back end and administrative operations from technology to human resources.

Founded back in 1998 in San Mateo, California, NetSuite was one of the first companies to distribute business applications over the internet. Currently, it has more than 30,000 customers, among which small and midsize companies.

The deal is one of the biggest for Oracle, comparable to the takeover of PeopleSoft in 2005 for $10.3 billion. Two months ago, Oracle acquired Opower Inc. and Textura Inc., which make cloud software for the utility and construction industries, respectively. Each of those deals was valued at more than $500 million.

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