Oracle launched its cloud software service after seven years of development Wednesday. The company plans to create more than 100 cloud-based applications to run on its database software, as well as to handle such tasks as human resources management and sales, says The Wall Street Journal. But Oracle is a latecomer to the cloud movement and may find its best chance of winning customers is to go after its existing customer base, or at least those who are fully locked into its software stack. Oracle's official entry into the cloud market comes a month after arch-rival SAP announced its cloud service, which currently has a modest offering of 24 apps. And, of course, there's, a pioneer hosted apps. With Oracle and SAP now officially in the cloud business, get ready for a competitive storm.

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