Larry Ellison’s Oracle swallows Larry Ellison’s part owned Netsuite for $9.3bn …


Database titan Larry Ellison’s Oracle is slurping NetSuite – a company he and his family already own a big slice of – for a cool $9.3bn (£7bn) to help him compete better with Salesforce, another firm he part owns.The buy will see Oracle splash $109 per share on the first ever purveyor of software clouds: NetSuite was set up as NetLedger in 1998 to sell web-hosted accounting wares and was later named Oracle Small Business Suite before it adopted the latest brand.One-time HP chopper in chief and Oracle co-boss Mark Hurd, insisted the companies cloud apps will “coexist in the marketplace forever” and that his employer “intend to invest heavily in both products – engineering and distribution”.Netsuite is a relative minnow compared to Oracle – for calendar 2015 it turned over $741m (£563m), a jump of 33 per cent on the prior year. But operating expenses of $611.38m left an operating loss of $115.6m, wider than the operating loss of $83.3m reported in 2014.Some 4,603 staffers worked for the organisation last year.

Source: Larry Ellison’s Oracle swallows Larry Ellison’s part owned Netsuite for $9.3bn • The Register

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s