"Oracle and NetSuite Cloud applications are complementary, and will coexist in the marketplace forever", stated Mark Hurd, Chief Executive Officer, Oracle. "We intend to invest heavily in both products - engineering and distribution."
"We expect this acquisition to be immediately accretive to Oracle's earnings on a non-GAAP basis in the first full fiscal year after closing", stated Safra Catz, Chief Executive Officer, Oracle.
"NetSuite has been working for 18 years to develop a single system for running a business in the Cloud", stated Evan Goldberg, Founder, Chief Technology Officer and Chairman, NetSuite. "This combination is a winner for NetSuite's customers, employees and partners."
"NetSuite will benefit from Oracle's global scale and reach to accelerate the availability of our Cloud solutions in more industries and more countries", stated Zach Nelson, Chief Executive Officer, NetSuite. "We are excited to join Oracle and accelerate our pace of innovation."
The evaluation and negotiation of the transaction was led by a Special Committee of Oracle's Board of Directors consisting solely of independent directors. The Special Committee unanimously approved the transaction on behalf of Oracle and its Board of Directors.
The transaction is expected to close in 2016. The closing of the transaction is subject to receiving certain regulatory approvals and satisfying other closing conditions including NetSuite stockholders tendering a majority of NetSuite's outstanding shares in the tender offer. In addition, the closing is subject to a condition that a majority of NetSuite's outstanding shares not owned by executive officers or directors of NetSuite, or persons affiliated with Larry Ellison, his family members and any affiliated entities, be tendered in the tender offer.