While many others were out enjoying summer, a major acquisition has taken place that affects the enterprise sales tax reporting industry. Oracle has acquired the e-commerce software company NetSuite. In a deal worth $9.3 billion, NetSuite was one of the first “cloud” companies. Larry Ellison, the chairman of Oracle chairman, was an early investor and many had speculated that this unification was inevitable. “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.” Oracle offers a comprehensive and fully integrated stack of cloud applications and platform services. NetSuite provides a suite of cloud-based financials/Enterprise Resource Planning (ERP) and omnichannel commerce software that runs the business of more than 30,000 companies, organizations, and subsidiaries in more than 100 countries. Sovos partners with both Oracle and NetSuite, offering integrations for both. Our SaaS and On Premises Sales Tax offerings are designed to help businesses streamline your sales tax determination, calculation and filing needs. At Sovos, we excel at business-to-government compliance and we will continue to partner with both to offer solutions to businesses that will meet their needs. Our solutions integrate with ERPs to help retailers of all sizes in all types of industries.
Want to Read More about the NetSuite Acquisition?
To read more about this acquisition, please see these articles in Forbes and Internet Retailer as well as Bloomberg.