Company is betting on success with product move to cloud.
Mark Hurd, Co-CEO of Oracle has stated that the company plans to move 95% of its products to the cloud by October.
Currently, the company has around 65% of its products available in the cloud but in an interview with Bloomberg, Hurd said that it would be moving at a fast pace to move the bulk of its products to the cloud.
Hurd, said: "We are still investing, very much in our traditional products. But that said, we are moving those products to now be available in the cloud at a really incredible pace."
In the last quarter, Oracle reported that combined sales in its cloud software, infrastructure and PaaS businesses were $527 million, this represented a growth of 29% from the previous year.
The decision to quickly move the vast majority of products onto the cloud is one that has clearly been influenced by this growth.
Chairman Larry Ellison, said: "Our cloud business is growing a lot faster than even I expected." While others at the company have mirrored this, stating expectations to collect $5 million for every PaaS it sells over 5 years.