Oracle has written a cheque for the world’s first first cloud company – the transaction for NetsSuite is valued at $9.3 billion.
Oracle’s CEO, soft-porn star fan and expenses wizard Mark Hurd said that Oracle and NetSuite cloud applications were complementary, and will “coexist in the marketplace forever.
“We intend to invest heavily in both products – engineering and distribution. We expect this acquisition to be immediately accretive to Oracle’s earnings on a non-GAAP basis in the first full fiscal year after closing.”
Oracle’s other CEO Safra “Kool4″ Catz said that NetSuite has been working for 18 years to develop a single system for running a business in the cloud.”
Evan Goldberg, Founder, Chief Technology Officer and Chairman, NetSuite, said: “This combination is a winner for NetSuite’s customers, employees and partners. NetSuite will benefit from Oracle’s global scale and reach to accelerate the availability of our cloud solutions in more industries and more countries.”
The transaction is expected to close in 2016. The closing of the transaction is subject to receiving certain regulatory approvals and satisfying other closing conditions including NetSuite stockholders tendering a majority of NetSuite’s outstanding shares in the tender offer.
