Oracle Corp. co-Chief Executive Officer Safra Catz touted the corporate-software maker’s potential for growth in India, saying sales there will benefit from a global expansion of cloud services.
“India is a phenomenal opportunity,” Catz said Tuesday in an interview on Bloomberg Television at the company’s OpenWorld conference in San Francisco. “The potential for us is 10 times what it is now, because the market’s so enormous."
Catz earlier unveiled a new memorandum of understanding with the Government of Maharashtra in India, intended to accelerate the state’s digital initiatives. Using Oracle Cloud solutions, the company and the government of the state, which has more than 100 million people, will develop Maharashtra’s smart city program to make cities more livable and fuel economic growth.
Oracle is working to bring its new cloud-based services to businesses, nonprofit organizations and governments in Asia and around the world. The cloud technology relies on Oracle’s infrastructure to provide computing power, networking and storage products, so customers don’t need to spend additional time and money building out their own data centers. India is particularly suited for the new technology, Catz said.
“With cloud technologies, you can deliver much more quickly -- and at a much lower price,” she said. “Both of those things are very important in India, because you can scale fast and they are on a very short time frame.”
Separately, Catz also spoke about Oracle’s planned acquisition of NetSuite Inc. The Redwood City, California-based company in July said it would pay $9.3 billion for cloud-services provider NetSuite. Oracle believes the agreed-upon per-share price of $109, which was accepted by the board, is the the right price for the company, Catz said.
JMP Securities analyst Patrick Walravens wrote in a note last week that the price for NetSuite will probably increase because shareholders not related to Oracle founder Larry Ellison need to approve the purchase, and investor T. Rowe Price, which owns 18 percent, has indicated it would prefer NetSuite stay independent at this price.