The American company, NetSuite, developer of the homonymous cloud solution for business management, will be acquired by the software giant Oracle for $9.3 billion. This was communicated to the media by Mark Hurd, CEO of the buying company.
The deal is to be closed by the end of this year. The NetSuite product portfolio will add up to Oracle's products and will allow the company to be more competitive on the cloud market, alongside SAP, Microsoft, and IBM. Owing to the NetSuite cloud solution, Oracle will serve larger audience, including smaller businesses, and will broaden its range to industries such as healthcare, wholesale, manufacturing, mass media, and NGO, which prefer cloud solutions when it comes to business management.
NetSuite Inc. (NYSE: N) was founded in 1998 by Zach Nelson, who was a global marketing manager in Oracle from 1996-1998. Today its structure includes offices in 11 countries and more than 4,700 employees. In 2000, NetSuite developed a technology incorporating ERP, CRM, and e-commerce, which was initially designed to operate in the cloud only. Today, NetSuite is the most fast-growing cloud-based ERP platform in the world, currently in top 6, while 2 years ago it was on the 8-th position. More than 24,000 companies and their divisions in over 160 countries throughout the globe use NetSuite in order to manage their business through a unified system within the cloud.
Earlier this year, NetSuite declared its collaboration with Balkan Services as part of its partnership program designed to meet the increasing demand for cloud ERP solutions coming from companies on the European market. By choosing NetSuite, Balkan Services focuses on cloud services and enriches its portfolio by adding a solution which ensures data security and provides extensive range of functionalities to the customers.