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Oracle announced Sunday the launch of a new cloud computing service to rival Amazon.

Oracle chief executive officer Larry Ellison unveiled plans for an Infrastructure as a Service (IaaS) called Oracle Public Cloud at the OpenWorld conference in San Francisco. The service will have two versions: public and private.

Oracle Public Cloud can be compared to Amazon Web Services, where servers will be stored, managed and maintained by Oracle. Business Insider reports that the hardware for the public cloud service will ne stored at Oracle data centers.

According to ZDNET, the Oracle Private Cloud will run both Oracle and customer software.

"The Oracle Private Cloud is quite literally an extension of the Oracle Cloud," Ellison said. "You can't tell the difference." The new service is meant to be "interchangeable" with other Oracle cloud solutions.

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Security and efficiency were highlighted by Ellison. The New York Times speculates that Oracle will compete with companies like Amazon or Google by "promising better security, reliable industry standard practices, and a higher quality of services."

Ellison went on to stress that Oracle Cloud is a new service offered by Oracle and that its main competitor is Amazon not IBM.

Oracle specializes in enterprise hardware and software, like servers and database management software. Its main competitor has traditionally been IBM, which also offers hardware and software solutions for businesses.

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Oracle to launch cloud service to rival Amazon