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From the News Desk
Tuesday, 24. June 2008
Oracle Intends to Snap Up Skywire Software
In an announcement, Oracle said that it has agreed to acquire insurance software and document-management applications vendor Skywire.
According to Oracle, the acquisition of Skywire for an undisclosed sum, combined with its pending acquisition of AdminServer, a supplier of insurance policy administration applications, will help Oracle assemble a complete software suite for the insurance industry. Skywire Software employees and management are expected to join the Oracle Insurance Global Business Unit together with the pending acquisition of AdminServer.
Oracle's announcement marks its latest effort to bolster its breadth of enterprise software applications in targeted markets, ranging from transaction-processing specialist Tangosol to retail specialist Retek to logistics and transportation management specialist G-Log.
Roughly over 1,000 insurers already use Oracle's software, and the Skywire acquisition will bring an additional 1,450 insurance customers to the mix, claims Oracle. The transaction is expected to close in the second half of 2008. Until the deal closes, each company will continue to operate independently. Financial details of the acquisition were not disclosed.
According to Oracle, the acquisition of Skywire for an undisclosed sum, combined with its pending acquisition of AdminServer, a supplier of insurance policy administration applications, will help Oracle assemble a complete software suite for the insurance industry. Skywire Software employees and management are expected to join the Oracle Insurance Global Business Unit together with the pending acquisition of AdminServer.
Oracle's announcement marks its latest effort to bolster its breadth of enterprise software applications in targeted markets, ranging from transaction-processing specialist Tangosol to retail specialist Retek to logistics and transportation management specialist G-Log.
Roughly over 1,000 insurers already use Oracle's software, and the Skywire acquisition will bring an additional 1,450 insurance customers to the mix, claims Oracle. The transaction is expected to close in the second half of 2008. Until the deal closes, each company will continue to operate independently. Financial details of the acquisition were not disclosed.
