Today marks the day when Oracle finally completes its acquisition of NetSuite, the cloud applications form. The deal, worth $9.3bn, was announced last month (October 7), and last Friday (November 4), more than half of NetSuite’s shareholders (56 per cent) accepted it, The Financial Times reported.
The media are reporting that Lawrence Ellison (Oracle CEO, and owner of NetSuite shares) did not vote, and that T Rowe Price, which has 18 per cent of shares, was holding out for more than $109 per share.
Back in July, Zach Nelson, NetSuite’s chief executive officer, said: “NetSuite will benefit from Oracle’s global scale and reach to accelerate the availability of our cloud solutions in more industries and more countries.” NetSuite was founded in 1998 as one of the first software-as-a-service company, with Ellison as one of the co-founders. It provides cloud-based financial services, enterprise resource planning and omnichannel commerce for approximately 30,000 firms in more than 100 countries.
The Financial Times says the deal will increase Oracle’s cloud software revenue by $1 billion, which will significantly help it reach its goal of becoming the first tech company to reach $10 billion in revenue from cloud business. The company’s current business grew 60 per cent in the last quarter, falling under $1 billion.
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