Ellison firms square up as NetSuite floats

NetSuite, the business software start-up backed and majority owned by Larry Ellison, has announced plans to float in a move that could pitch the start-up against Oracle, the company that made the software tycoon a multibillionaire.

NetSuite, which specialises in web-based software for small to medium-sized businesses, hopes to raise about $75 million (£37 million) in a float likely to value the group at about $750 million.

The move would value the 74 per cent stake owned by Mr Ellison and his family at about $560 million.

Mr Ellison has been especially vocal in his championing of NetSuite in recent months, dwelling on the company’s prospects in meetings with journalists.

Read Full Article from Times Online

- Posted: 2007-07-03 10:05:30

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