Oracle announced Thursday that it has agreed to buy NetSuite for $9.3 billion, in a move to bolster its cloud-computing offerings as it races to catch up to rivals. Both companies provide applications for running a business called enterprise-resource-planning software. Bloomberg reports: Oracle, which sells software to big corporations, has been trying to shift more sales to cloud-based products increasingly demanded by its customers. New cloud services made up about 8 percent of the company's total sales during its fiscal fourth-quarter. Buying NetSuite -- whose products include customer relationship management software -- will help Oracle compete against the likes of Salesforce.com Inc. and Microsoft Corp. "Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever," said Oracle co-Chief Executive Officer Mark Hurd in a statement Thursday. "We intend to invest heavily in both products -- engineering and distribution."