Tuesday, July 3, 2007
NetSuite, which offers web-based services to small and medium-sized businesses, plans an IPO to raise $75 million. NetSuite is a potential competitor of Oracle; 74% of its shares are owned by Larry Ellison, founder, CEO, director, and 20% shareholder of Oracle. In addition, NetSuite's CEO and chief technology officer are former Oracle executives. Ellison himself stepped down from the NetSuite board. See WSJ, NetSuite Stake May Prove Tricky for Ellison.