The Oracle $ 9.3 billion acquisition of NetSuite will officially close on Monday, Oracle said early Saturday morning.
This is despite a challenge by T. Rowe Price, a large NetSuite shareholder, in September. The institutional investor balked at the proposed $ 109 per share price, saying NetSuite should seek additional offers.
The institutional investor was troubled by the fact that Oracle orcl executive chairman and co-founder Larry Ellison owns a big stake in NetSuite n . NetSuite's chief executive Zach Nelson and its founder, chairman and chief technology officer Evan Goldberg are both former Ellison lieutenants at Oracle orcl .
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Oracle, the leader in database software sold to big businesses, said it would hold fast on the price and extended the deadline until November 4.
The database giant made its long-rumored offer to buy NetSuite in July.
NetSuite offers what is called enterprise resource planning (ERP) software of the type businesses use to track inventory and manufacturing processes and perform accounting tasks. It, along with Salesforce crm (founded by another Oracle alum in Marc Benioff) helped pioneer the "software-as-a-service" market where the software is run and maintained in the software provider's data centers. NetSuite also competes with SAP sap and Microsoft msft
NetSuite could help Oracle capture more business in smaller companies and compete better with upstart SaaS companies
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