Or­a­cle seals NetSuite ac­qui­si­tion

The Myanmar Times - - International Business -

US soft­ware gi­ant Or­a­cle has sealed its US$9.3 bil­lion ac­qui­si­tion of cloud com­put­ing com­pany NetSuite.

Or­a­cle said that a ma­jor­ity of shares – 53 per­cent – owned by el­i­gi­ble stock­hold­ers in the vote had been ten­dered.

The takeover agree­ment was an­nounced in late July at a price of $109 per share, but it at­tracted crit­i­cism be­cause Or­a­cle ex­ec­u­tive chair Larry El­li­son and his fam­ily own a ma­jor stake in NetSuite of nearly 40pc.

Un­der con­di­tions of the deal, the trans­ac­tion had to be ap­proved by a ma­jor­ity of small, in­de­pen­dent NetSuite share­hold­ers.

The deal al­lows Or­a­cle to in­cor­po­rate NetSuite’s cloud-based fi­nan­cial man­age­ment and re­source plan­ning prod­ucts, strength­en­ing its tools in the cloud.

For the 2017 fis­cal first quar­ter ended Au­gust 31, Or­a­cle re­ported to­tal rev­enues of $8.6 bil­lion, up 2pc from a year ago. To­tal cloud rev­enues shot up 59pc to $969 mil­lion. –

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