Oracle announces 9.3-billion-dollar deal to buy NetSuite

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.

Last update: Thu, 28/07/2016 - 14:50

More from Business

Facebook to build data centre in Denmark

The Danish city of Odense and social media giant Facebook announced on Thursday the city was to host a new European...

Freight train from China crosses 12,000 kilometres to London

The first Britain-bound freight train from China arrived in London on Wednesday, completing an 18-day trip across...

US prosecutors finalize 7.2-bln-dollar settlement with Deutsche Bank

The US Justice Department announced a 7.2-billion-dollar settlement Tuesday with Deutsche Bank over allegations that...

General Motors announces 1-billion-dollar investment in US workforce

General Motors will join other carmakers in opting to invest and hire inside the United States, the company...

Tobacco giant BAT agrees to 49-billion-dollar takeover of US rival

British American Tobacco Plc on Tuesday said it has finalized a deal to acquire 57.8 per cent of shares of US rival...