Move over IBM--database manufacturer Oracle today has agreed to buy Sun Microsystems in a deal that values the company at $7.4 billion, or $9.50 a share.

"The acquisition of Sun transforms the IT industry, combining best-in-class enterprise software and mission-critical computing systems," said Oracle head Larry Ellison in a statement issued today. "Oracle will be the only company that can engineer an integrated system--applications to disk--where all the pieces fit and work together so customers do not have to do it themselves. Our customers benefit as their systems integration costs go down while system performance, reliability and security go up."

Beyond the monetary sums the information on the transaction remains aw bit sketchy. The fate of Sun employees remains up in the air, though Sun CEO Jonathan Schwartz remains optimistic on the topic. "This is one of the toughest emails I've ever had to write. It's also one of the most hopeful about Sun's future in the industry," Schwartz wrote to his staff on Sunday. "Oracle's interest in Sun is very clear--they aspire to help customers simplify the development, deployment and operation of high value business systems, from applications all the way to datacenters. By acquiring Sun, Oracle will be well positioned to help customers solve the most complex technology problems related to running a business."