Marketing software firm will form part of Customer Experience Cloud
Just days after announcing financial results boosted by the performance of its cloud division, Oracle has further strengthened its portfolio by agreeing to acquire cloud-based marketing automation and revenue performance management software maker Eloqua for $871m.
The deal works out at $23.50 per shared, representing a 30% premium on Eloqua's closing share price the day before.
Oracle said the deal will help it provide its customers with what it describes as a "comprehensive Customer Experience Cloud." The company added that it expects its customers to use this technology to offer highly personalised and unified experience - the long-talked about single customer view.
It is likely that Eloqua will sit alongside another of Oracle's cloud acquisitions, CRM vendor RightNow Technologies.
"Modern marketing practices are driving revenue growth and is a critical area of investment for companies today," said Thomas Kurian, Executive Vice President, Oracle Development. "Eloqua's leading marketing automation cloud will become the centerpiece of the Oracle Marketing Cloud and is an important addition to the Oracle Customer Experience offering."
Oracle's most recent financial results revealed a 17% rise in new software licences and cloud software subscriptions, helping the company to pull in $9.1bn in revenue and net income of $2.58bn. As well as RightNow, Oracle has also bought talent management firm Taleo to beef up its cloud presence.
The company has been going head to head with the likes of SAP and salesforce.com to broaden out their portfolios in cloud computing. SAP acquired SuccessFactors in 2011 and Ariba in 2012, while salesforce.com has acquired Rypple and Buddy Media.