Back in 1998, NetSuite pioneered the Cloud Computing revolution, establishing the world’s first company dedicated to delivering business applications over the Internet.
Today, it provides a suite of cloud-based financials/Enterprise Resource Planning (ERP) and omnichannel commerce software that runs the business of more than 30,000 companies, organizations, and subsidiaries in more than 100 countries.
Both company’s cloud applications will complement each other in the marketplace with significant amount of funds pumped into the products.
“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,” said Mark Hurd, Chief Executive Officer, Oracle.
The acquisition will ensure NetSuite’s cloud solutions are available in more industries and more countries – it will leverage Oracle’s global scale and reach.
The transaction is subject to receiving certain regulatory approvals and whatnot, and is expected to close before the year runs out.
Launched 39 years ago, Oracle offers a comprehensive and fully integrated stack of cloud applications and platform services to customers scattered across the globe.