Oracle to buy Skywire Software
Published: 24 Jun 2008 09:36 BST
Oracle on Monday announced plans to expand its enterprise insurance applications business with the acquisition of Skywire Software.
Skywire develops software designed to manage insurance policies from their initial creation, rating and oversight by insurance agents and brokers. Skywire's applications will be combined with Oracle's Insurance Global Business Unit and the software giant's pending acquisition of AdminServer.
Oracle's announcement marks its latest effort to bolster its breadth of enterprise software applications in targeted markets, ranging from the acquisition of 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 in an additional 1,450 insurance customers.
"Insurance is a strategic industry for Oracle, with growth focused on integrated packaged applications," Oracle president Charles Phillips said in a statement.
The deal is expected to close in the second half of the year. Financial terms were not disclosed.
Credit: Oracle to acquire Skywire Software from CNET News.com
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