Oracle to buy cloud software provider NetSuite for .3 billion

Oracle has entered into an agreement to buy NetSuite, which provides cloud-based accounting, enterprise resource planning, customer relationship management, and other business software packages, for $9.3 billion.

The NetSuite package of products is complementary to Oracle’s cloud products and the companies’ cloud packages will “coexist in the marketplace forever,” Mark Hurd, Oracle’s CEO, said in a press release.

The deal will allow Oracle to serve a broader range of customers, including smaller businesses, and expand to more industries and more countries, the company said. Asked what additional advantages the deal brings, and Oracle spokeswoman said, “We are declining additional comment today.”

The companies expect the deal, for $109 per share in cash, to close this year. The deal is subject to regulatory approval and to NetSuite stockholders agreeing to sell their shares, Oracle said.