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Oracle Corporation is acquiring the first cloud company NetSuite Inc. for $9.3 billion or $109 a share.

NetSuite is a well-known source for omnichannel commerce platforms. It’s the only cloud business software that brings together every step of omnichannel retailing including POS, e-commerce, marketing, inventory and order management and financials. NetSuite reaches more than 30,000 customers in 160 countries and is known for its small and medium sized businesses.

“NetSuite will benefit from Oracle’s global scale and reach to accelerate the availability of our cloud solutions in more industries and more countries,” said Zach Nelson, chief executive officer at NetSuite.

Oracle, which is better known for its hardware businesses, has been on a cloud hunt this year picking up Opower, Crosswise, Textura, Ravello Systems and AddThis. When looking at cloud infrastructure services, Amazon.com Inc. ranks number one in market and revenue growth at 57 percent. The next three are Microsoft, IBM and Google (Alphabet Inc.)  Oracle is lumped into the next grouping of 20 companies, but these acquisitions shows it has decided to take on the leaders in an aggressive way.

Oracle said it expects the deal to be immediately accretive and expects it to close in 2016. The deal should add approximately $1 billion a year in sales to Oracles SaaS (software as a service) portfolio.

“Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever,” said Mark Hurd, chief executive officer, Oracle. “We intend to invest heavily in both products — engineering and distribution.”

Some investors are raising an eyebrow at the price that Oracle is offering NetSuite due to the sizable holdings in both companies by Larry Ellison. NetSuite was trading at roughly $91 a share before the offer of $109 a share.

However, Oracle was sitting on a bevy of cash with over $56 billion before the deal. Ellison, who is already worth $45 billion, stands to gain another $3.7 billion with the deal.

Oracle stock is only up 3 percent for the past year and NetSuite was actually down double digits for the year before this deal was announced.

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