Oracle buys company for billions – which the President is a major owner – Breakit (press release)

It was on Thursday, a cloud service company Netsuit announced that database company Oracle bought the company.

The price tag ended up at $ 9.3 billion, equivalent to 70 billion. After the purchase stage Netsuits shares by about 18 percent, while Oracle’s share price remained unchanged.

Netsuit, founded in 1998, paved the way for cloud services on the Internet and was the first company that delivered the first business applications over the Internet.

One that has earned big money on the deal is Oracle founder and CEO Larry Ellison – he and his family owns namely 40 percent of Netsuits shares, writes Reuters.

This is equivalent to about 30 billion.

Oracle claims, however, that the purchase was

led by a committee of independent directors.

Netsuits part involves the purchase that the company can now reach out to more countries around the world.

Larry Ellison was ranked the world’s fifth richest man in 2013 with a fortune of 41 billion dollars.