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Oracle (ORCL) Closer to the Cloud After NetSuite Deal, Synovus' Morgan Tells CNBC

NEW YORK (TheStreet) -- Oracle's (ORCL) $93 billion acquisition of software maker NetSuite (N) inches the IT service provider further into the cloud, Synovus Trust Portfolio Manager Daniel Morgan said on CNBC's Squawk Alley."

Oracle is "playing catch up" by acquiring its way into the cloud because the company was not initially "as aggressive" as competitors like Microsoft (MSFT) with its launches including Microsoft 365, Morgan explained.

"We've had a tremendous amount of acquisitions so it's definitely a hot market," he noted, commenting on the growing trend of tech mergers.

Overall, the tech sector is gaining...