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Oracle to Buy NetSuite in $9.3 Billion Deal

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This story originally appeared on Reuters

Corp. said it would buy NetSuite Inc. in a deal valued at about $9.3 billion to expand into the fast-growing cloud market.

Justin Sullivan | Getty Images

Netsuite shares rose 18.6 percent to $108.64 in premarket trading, just shy of the of $109 per share.

Like rivals SAP SE and Corp,, Oracle has focused on moving its to the cloud-based model, essentially providing services remotely via data centers rather than selling installed .

NetSuite, founded in 1998, pioneered the revolution, by creating the first dedicated to providing business applications over the internet.

Oracle has also acquired such as Textura and Opower to increase its competitiveness in the cloud market.

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

Oracle shares were up 1.6 percent at $41.6 in premarket trading.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Anil D'Silva)

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