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Photograph: Photo by Peter Kaminski, used under CC BY

US software giant Oracle has agreed to a 9.3-billion-dollar purchase of Netsuite, a firm it called "the very first cloud company," it announced in a press release Thursday.

The agreement would see Oracle pay 109 dollars per share for Netsuite.

Netsuite was founded in 1998 and is considered a pioneer in cloud computing, whereby computer users store data in remote centres and sometimes even make use of applications accessed from a distance thanks to online connections.

"Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever," said Oracle chief executive Mark Hurd.

"NetSuite will benefit from Oracle's global scale and reach to accelerate the availability of our cloud solutions in more industries and more countries," said NetSuite chief executive Zach Nelson. "We are excited to join Oracle and accelerate our pace of innovation."

The companies said they expect to seal the deal before the end of the year, but noted that it is subject to regulatory review.

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