Oracle banks on the cloud, buys NetSuite for $9.3 billion - CNET

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Oracle Corp. today announced the purchase of NetSuite Inc., a provider of cloud-computing software, for $9.3 billion. The offer price is valued at $109 per share in cash.

Oracle co-founder Larry Ellison owns the largest stake in NetSuite with almost 40% of the company's shares, according to a proxy statement NetSuite filed in April.

NetSuite began as the original provider of cloud-computing software in 1998, just months before Salesforce got started. Today's acquisition reinforces Oracle's current software with cloud-based infrastructures.

Oracle was the subject of controversy last month when a former employee filed a lawsuit against the company. She claimed she was fired for threatening to expose allegedly misleading cloud-computing accounting practices.