{"id":23526,"date":"2016-07-28T21:17:31","date_gmt":"2016-07-28T13:17:31","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=23526"},"modified":"2016-07-29T09:32:49","modified_gmt":"2016-07-29T01:32:49","slug":"23526-2","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2016\/07\/28\/23526-2\/","title":{"rendered":"Oracle to buy NetSuite for $9.3B"},"content":{"rendered":"

Oracle has announced that it is acquiring NetSuite, a cloud company, for US$9.3 billion.<\/p>\n

\"\"<\/a>

Evan Goldberg, Founder, Chief Technology Officer and Chairman, NetSuite: \u201cThis combination is a winner for NetSuite\u2019s customers, employees and partners.\u201d FILE PHOTO: MELBA BERNAD<\/p><\/div>\n

\u201cOracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever,\u201d said Mark Hurd, Chief Executive Officer, Oracle. \u201cWe intend to invest heavily in both products\u2014engineering and distribution.\u201d<\/p>\n

\u201cWe expect this acquisition to be immediately accretive to Oracle\u2019s earnings on a non-GAAP basis in the first full fiscal year after closing,\u201d said Safra Catz, Chief Executive Officer, Oracle.<\/p>\n

\u201cNetSuite has been working for 18 years to develop a single system <\/a>for running a business in the cloud,\u201d said Evan Goldberg, Founder, Chief Technology Officer and Chairman, NetSuite. \u201cThis combination is a winner for NetSuite\u2019s customers, employees and partners.\u201d<\/p>\n

Goldberg founded NetSuite after leaving Oracle. At NetSuite’s annual Suiteworld Conference in May this year,\u00a0Goldberg shared\u00a0that when he started NetSuite, it was his former boss, Larry Ellison, who insisted that he start with an accounting system and focus on making sure that it is delivered over the internet so that companies don\u2019t have to worry about managing complex software.<\/p>\n

\u201cNetSuite will benefit from Oracle\u2019s global scale and reach to accelerate the availability of our cloud<\/a> solutions in more industries and more countries,\u201d said Zach Nelson, Chief Executive Officer, NetSuite. \u201cWe are excited to join Oracle and accelerate our pace of innovation.\u201d<\/p>\n

The evaluation and negotiation of the transaction was led by a Special Committee of Oracle\u2019s Board of Directors consisting solely of independent directors. The Special Committee unanimously approved the transaction on behalf of Oracle and its Board of Directors.<\/p>\n

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\u2019s outstanding shares in the tender offer.<\/p>\n

In addition, the closing is subject to a condition that a majority of NetSuite\u2019s outstanding shares not owned by executive officers or directors of NetSuite, or persons affiliated with Larry Ellison, his family members and any affiliated entities, be tendered in the tender offer.<\/p>\n

The NetSuite deal is Oracle\u2019s second largest acquisition. Peoplesoft, acquired for $10.3 billion in 2005, is Oracle\u2019s biggest purchase so far.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oracle has announced that it is acquiring NetSuite, a cloud company, for US$9.3 billion. \u201cOracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever,\u201d said Mark Hurd, Chief Executive Officer, Oracle. \u201cWe intend to invest heavily in both products\u2014engineering and distribution.\u201d \u201cWe expect this acquisition to be immediately accretive to Oracle\u2019s […]<\/p>\n","protected":false},"author":3,"featured_media":23531,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,25,22],"tags":[148,951,135,290],"class_list":["post-23526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","category-software","category-spotlight","tag-cloud-computing","tag-mergers-and-acquisitions","tag-netsuite","tag-oracle"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/23526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=23526"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/23526\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/23531"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=23526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=23526"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=23526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}