Oracle Acquires NetSuite For $9.3 Billion

NetSuite shares saw a big pop on Thursday in pre-marketing trading after it was reported that Oracle Corp. said they would buy the company in a deal value at about $9.3 billion.

The acquisition of NetSuite would help Oracle expand into the fast growing cloud market.

Netsuite shares climbed 18.6% to $108.64 before the market opened. This came in just shy of Oracle’s offer price of $109 per share. Oracle shares also saw a modest jump in price and were up 1.6 percent at $41.6 in pre-market trading.

NetSuite, founded in 1998, created the first company dedicated to providing business applications over the internet.

Oracle expects the deal to immediately add to its adjusted earnings in the first full fiscal year after the transaction closes.

Disclaimer: We have no position in Oracle Corporation (NYSE: ORCL) nor NetSuite Inc (NYSE: N) and have not been compensated for this article.