Founder and chief executive of Oracle Corp, Larry Ellison has told a live webcast audience that his business software company will compete with Amazon by offering a new wave of cloud applications.

The venture, Oracle Cloud Platform, will give users an alternative and cheaper system to remotely store data while enhancing interconnectivity, across 24 new services that look to affirm Oracle’s relevance in the digital world.

Speaking at the event on Monday 22 June, Ellison stated that his company is: "prepared to compete with Amazon on price" while emphasising that Oracle’s innovative cloud measures create "a much better business for us."

Oracle Cloud currently supports more than 70 million users and sold $426m worth of business in SaaS and PaaS over the last quarter, which is a 200% increase compared to Oracle’s own figures from the same quarter last year.

Amazon Web Services (AWS) announced its 2014 revenue cloud services raked in approximately $6bn.