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Oracle to buy NetSuite in $9.3 billion deal

Staff Writer |
Oracle said it will buy NetSuite in a deal valued at about $9.3 billion to expand into the fast-growing cloud market.

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Like rivals SAP SE and Microsoft Corp, Oracle has focused on moving its business to the cloud-based model, essentially providing services remotely via data centers rather than selling installed software.

NetSuite, founded in 1998, pioneered the cloud computing revolution, by creating the first company dedicated to providing business applications over the internet.

Oracle has also acquired companies such as Textura and Opower to increase its competitiveness in the cloud market.

The company expects the deal to immediately add to its adjusted earnings in the first full fiscal year after the transaction closes.

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