Computer technology corporation Oracle
has signed a definitive agreement to acquire Software-as-a-Service (SaaS) company Opower. Oracle, which has headquarters in Redwood Shores, California, United States, was established in 1977. With around 380,000 customers, including Fortune 100 companies, Oracle has successfully refocused on cloud activity over recent years. The acquisition strengthens its position in the cloud analytics arena. Together Oracle and Opower will “become the largest provider of mission-critical cloud services” to serve what is a $2.3 trillion industry segment.
Opower, which has headquarters in Arlington, Texas, United States, was established in 2007. The company offers a range of products and services, predominantly catering to global utility companies that include Exelon and PG&E. Its solutions help organizations “deliver a modern digital customer experience”. Opower offers a “Big Data” platform that monitors “over 600 billion meter reads from 60 million utility end customers”. The data it receives enables utility companies to meet “regulatory requirements, decrease the cost to serve, and improve customer satisfaction”.
“Utilities want modern technology solutions that work together to meet their evolving customer, operational and compliance needs,” explained Oracle Utilities Global Business Unit’s Senior Vice President and General Manager, Rodger Smith. “Together, Oracle Utilities and Opower will be the largest provider of mission-critical cloud services to utilities.” Opower's staff will be absorbed by Mr. Smith’s division.
The company was acquired for around $532 million and comes on the heels of Oracle’s acquisition of SaaS collaboration solutions provider Textura last month. Oracle also recently purchased AddThis for $200 million and bought cloud analytics provider Ravello.Do you know of any other companies involved in acquisitions? Let us know the details. Add your comments below.