In a bizarre twist of events, Oracle announced their plans to purchase the project development company Skire. According to Oracle, a deal has already been made but they didn’t go into the financial details regarding it. To learn more about this and what it could mean for the future of Oracle Corp, keep reading.
What is Skire?
Originally formed back in 2000, Skire is a large-scale project management group that offers services, tools and software to businesses. Some of their most noteable clients include Boise, Anheuser Busch and Xcel Energy Inc. Skire also focuses largely on real estate software.
Why Did Oracle Purchase Skire?
Oracle stated the reason for purchasing Skire was to combine their Primavera products with Skire’s capital and advanced management software to produce the most advanced real estate software available on the market. According to Oracle, they believe that Skire’s capital and software could be the key to creating digital products that cover the entire cycle of a real estate project from start to finish.
No one knows for sure how much Oracle paid for Skire, as they didn’t publicly announce it. However, if it resembled any of their past purchases, then it’s safe to say that it was probably a substantial amount. Earlier this year, Oracle purchased the software developer Taleo Corp for an astounding $1.9 billion dollars. Also this year, Oracle purchased social media marketing firm Involver for an undisclosed amount.
Both Oracle and Skire seem to be thrilled about the deal which took place. Skire’s CEO Massy Mehdipour made an announcement saying the deal was a result of many years of hard work. Mehdipour started Skire with only $20 million dollars in capital back in 2000. A decade later, the revenue had grown to over 150% of her original investment.
How This Deal Will Affect Oracle
No one know for sure how this deal will affect Oracle Corp, but they probably know what they’re doing. Oracle is always buying up companies left and right. This year alone, they’ve purchased a total of 5, and there’s still plenty of months left. I highly doubt their acquisition of Skire will cause any significant changes to their database software, but it’s possible new features or technologies could be added as a result of it. Skire has some pretty advanced software that no one else in the industry has. With Oracle taking them over, it’s likely they’ll try to extract and use some of those features in their current products.
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