Updated from 3:24 p.m. EDTSAN FRANCISCO -- Oracle ( ORCL) CEO Larry Ellison will let go control of fledgling software firm NetSuite when it goes public. San Mateo, Calif.-based NetSuite said Ellison plans to put 639.3 million shares, or 60% of NetSuite, into a "lock box" that the company established for the purpose, according to a filing with the Securities and Exchange Commission on Tuesday. The move will nullify Ellison's right to vote for board directors for as long as he remains a director or officer of Oracle. Ellison will still have the right to vote on changes of company ownership. Ellison owns 649 million shares, or 61% of NetSuite, and members of his family also own at least 13% of the company. NetSuite, which was founded in 1998 by Ellison and Oracle alumnus Evan Goldberg, who is now NetSuite's chairman and chief technology officer, filed in July its intent to go public. The company has not disclosed the number or price range of shares to be issued. Credit Suisse is the lead underwriter on the deal. NetSuite's CEO is Zach Nelson, who also worked at Oracle. NetSuite sells on-demand enterprise resource planning and customer relationship management software. In CRM, it competes with Salesforce.com ( CRM), which also was founded by an ex-Oracle executive. Chairman and CEO Marc Benioff left Oracle in 1999 to start Salesforce and took that company public in 2004 at an offer price of $11 a share. Salesforce now has a market cap of $6.3 billion. The stock has risen 48% for the year, recently trading at $54.03.