Oracle acquires NetSuite, with the transaction valued at $9.3 billion. It is the very first cloud company since 1998. Now, it would be easier for Oracle to expand its ability to support customers of any size in more industries and more countries.
The pioneered the Cloud Computing revolution in 1998, and now it provides a suite of cloud-based financials/ Enterprise Resource Planning (ERP) and omnichannel commerce software. It’s software is used by more than 30,000 companies, organizations, and subsidiaries in more than 100 countries.
Mark Hurd, Chief Executive Officer, Oracle stated,
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.
Evan Goldberg, Founder, Chief Technology Officer and Chairman, NetSuite.
NetSuite has been working for 18 years to develop a single system for running a business in the cloud. This combination is a winner for NetSuite’s customers, employees and partners.
Zach Nelson, Chief Executive Officer, NetSuite stated,
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.
Oracle is currently reviewing the existing NetSuite product roadmap and will be providing guidance to customers in accordance with Oracle’s standard product communication policies.