Oracle Corporation (NASDAQ:ORCL) announced today its intentions to buy Eloqua Inc (NASDAQ:ELOQ), a Virginia-based provider of marketing software for about $871 million; price is net of Eloqua Inc (NASDAQ:ELOQ)’s cash. Oracle Corporation (NASDAQ:ORCL) will pay $23.50 a share and is Oracle Corporation (NASDAQ:ORCL)’s tenth acquisition of 2012 and its second deal this month. The 23.50-per-share offer represent 31 percent premium over than Eloqua Inc (NASDAQ:ELOQ)’s closing price yesterday, and more than twice its initial public offering price in August. Its shares closed yesterday at $17.92.
“Modern marketing practices are driving revenue growth and is a critical area of investment for companies today,” said Thomas Kurian, Executive Vice President, Oracle Corporation (NASDAQ:ORCL) Development. “Eloqua Inc (NASDAQ:ELOQ)’s leading marketing automation cloud will become the centerpiece of the Oracle Marketing Cloud and is an important addition to the Oracle Corporation (NASDAQ:ORCL) Customer Experience offering, which includes the Oracle Corporation (NASDAQ:ORCL) Sales Cloud, Oracle Corporation (NASDAQ:ORCL) Commerce Cloud, Oracle Corporation (NASDAQ:ORCL) Service Cloud, Oracle Corporation (NASDAQ:ORCL) Content Cloud and Oracle Corporation (NASDAQ:ORCL) Social Cloud.”
Oracle Corporation (NASDAQ:ORCL) Chief Executive Officer Larry Ellison has been on an acquisition spree to add cloud-computing software that will allow users online access instead of storing it on their servers. The CEO acquired RightNow Technologies Inc. and Taleo Corp. this year, as a part of its cloud-computing strategy.
“Exceptional customer experience starts with knowing your customer’s preferences and delivering a highly personalized buying experience,” said Joe Payne, Chairman and CEO, Eloqua Inc (NASDAQ:ELOQ). “Together with Oracle Corporation (NASDAQ:ORCL), we expect to accelerate the pace of the modern marketing revolution and help our customers transform the way they market, sell, support and serve their customers.”
Virginia based, Eloqua Inc (NASDAQ:ELOQ), specializes in products that allow companies to customize and measure the effectiveness of marketing campaigns, ranging in price from $2,000 a month for 4-10 users to $6,400 a month for 250 users. Such softwares help clients to save money by using programs via cloud instead of storing them on their servers. Eloqua Inc (NASDAQ:ELOQ) came up with an IPO on the NASDAQ in August and raised $92 million priced at about $12 a share.
Eloqua Inc (NASDAQ:ELOQ)’s board unanimously approved the deal. The acquisition is expected to close in the first half of 2013, subject to Eloqua Inc (NASDAQ:ELOQ) stockholder approval, certain regulatory approvals and other customary closing conditions.
