Software giant ‘Oracle’ acquires ‘Opower’ a Energy data specialist
The Software giant Oracle recently made a buzz by announcing its step of entering into an ultimate agreement to acquire Opower.
Founded in the US in 2007, Opower has a UK presence. A Utilities Company E.ON began using the company to provide a ‘saving energy toolkit’ to customers last year. The company’s big data tools analyze the behavior of over 60 million utilities customers across nine countries. So that Customers can use the software to see where they could make savings and reduce energy use. Additionally the company also provides more than 100 utilities companies who use the product with a customer engagement platform.
The deal valued at $532m (£361m) was unanimously approved by Opower’s board of directors and is expected to close this year subject to certain conditions. A month ago Opower also announced that it would lay off 7.5% of its global workforce, citing savings in the sales, marketing and research and development departments as the reason.
To shed more light on the acquisition, Opower CEO and co-founder Dan said “the acquisition would provide the industry with the most modern, complete cloud applications for the entire value chain, from meter to grid to end-customers.”
The recent acquisition came out as second for Oracle in a month as recently it bought construction management software company Textura for $663m (£450m).