Oracle Acquires NetSuite For $9.3 Billion

Oracle wants to acquire NetSuite, a provider of business cloud software for, among other things, human resources. Oracle pays 9.3 billion dollars, converted 8.4 billion euros for the American company.

The acquisition should be completed this year. NetSuite’s online finance and enterprise resource planning services have been particularly successful with relatively small customers, a market from which Oracle derives less revenue. Bringing in NetSuite puts Oracle in a better position to compete with SAP. NetSuite was founded in 1998 and now offers subscriptions to 30,000 companies and organizations.

Oracle’s chairman Larry Ellison already owns 40 percent of NetSuite’s shares through various constructions, the Wall Street Journal claims. Ellison also owns a 27 percent stake in Oracle. It is one of the largest acquisitions in Oracle’s history. In 2009, Oracle bought Sun Systems for $7.4 billion.