Oracle Boosts Cloud Services With $9.3 Billion NetSuite Deal
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Oracle gave its cloud-services strategy a big boost by offering to buy NetSuite in a deal valued at about $9.3 billion.
Oracle, which sells software to big corporations, has been trying to shift more sales to cloud-based products increasingly demanded by its customers. New cloud services made up about 8% of the company’s total sales during its fiscal fourth-quarter. Buying NetSuite — whose products include customer relationship management software — will help Oracle compete against the likes of Salesforce and Microsoft.
“Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever,” said Oracle’s co-chief executive officer Mark Hurd in a statement Thursday. “We intend to invest heavily in both products — engineering and distribution.”
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