Oracle develops full-fledged cloud computing platform

Oracle has been one of the first tech giants to develop a full-fledged cloud computing platform, something that's definitely holding it in very good stead right now.Speaking to CNBC, the company's CEO Mark Hurd says he expects the cloud business to grow in double digits for this year as well."Over the past couple of years, we've made investments in building up both our platforms as well as our software as a service infra. Our margins we've committed to in the cloud being 80 percent," he said."Last year this time, we may have talked about our growth in our software as a service (SaaS) platform. It's huge. Frankly, we've seen it grow again at the same level so an almost doubling of our pipeline over a year. We'll book more bookings in the cloud this fiscal year than anybody else in the industry," he said.