Oracle purchases NetSuite for $9.3 billion

Oracle has announced its acquisition of cloud computing company NetSuite for approximately $9.3 billion, or $109 per share in cash.

The purchase represents Oracle’s continued expansion into the cloud market, following its acquisition of companies such as Textura and Opower.

Founded in 1998, NetSuite is best known as the very first cloud computing company, pioneering the delivery of dedicated business applications over the internet.

The deal is expected to close this year.

Mark Hurd, CEO at Oracle commented: “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, CEO of 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.”