Oracle Corp closed its acquisition of billing software firm Portal Software Inc yesterday. Oracle has acquired over 38 million outstanding shares, or 88%, of Cupertino, California-based Portal. The tender offer to acquire these shares expired on June 30.
Portal will now become a wholly owned subsidiary of Oracle which said in a statement that it was now ready to move ahead with integration of the two companies.
In April this year Oracle had tabled an offer of $220m for Portal – equating to $4.90 a share
Portal’s software helps communications and media companies manage their billing and revenue management across multiple customer channels.
It is the latest company that Oracle has picked up as part of a $19bn spending spree to bolster its competitive edge against rival business software maker SAP AG.