Oracle buys Opower for 2m

Oracle buys Opower for $532m

Oracle buys Opower for $532m

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Oracle says it has closed a deal to acquire Opower, the leading provider of customer engagement and energy efficiency cloud services to utilities.

The transaction is valued at approximately $532 million, net of Opower’s cash, according to the U.S. technology company.

According to Oracle, Opower’s big data platform stores and analyses over 600 billion meter reads from 60 million utility end customers, enabling utilities to proactively 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,” said Rodger Smith, Senior Vice President and General Manager, Oracle Utilities Global Business Unit. “Together, Oracle Utilities and Opower will be the largest provider of mission-critical cloud services to utilities.”

“The combination will provide the industry with the most modern, complete cloud applications for the entire utility value chain, from meter to grid to end-customers,” Dan Yates, Chief Executive Officer and Co-Founder, Opower, says. “We are excited to join Oracle and to bring even more value to our customers as part of the Oracle Utilities Industry Cloud Platform.”

Oracle further announced that the Board of Directors of Opower has unanimously approved the transaction. The transaction is expected to close in 2016, subject to Opower’s stockholders tendering a majority of Opower’s outstanding shares and derivative securities exercised prior to the closing of the tender offer, certain regulatory approvals and other customary closing conditions.

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Kayode Oladeinde Technology Journalist at Technology Times. Mobile: +234 (0) 7031526929