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NetSuite Inc., the software maker majority-owned by Oracle Corp.'s Larry Ellison, rose for a second day after its initial stock sale, advancing 10 percent as investors seek to tap demand for business programs.
The San Mateo, California-based company's applications handle accounting, inventory management and sales tasks over the Internet. They were designed for firms with 1,000 or fewer employees. Small-business spending on that type of software will outpace corporate purchases through at least 2010, NetSuite said this week, citing research firm Gartner Inc.
The stock rose $3.64 to $39.14 at 4 p.m. in New York Stock Exchange composite trading, after a 37 percent gain yesterday in its debut. The company raised $161.2 million, selling 6.2 million shares for $26 each.