Oracle's shopping cart totals more than a billion dollars now that it's following up previous plans to pay $663 million for Textura with a decision to acquire another cloud service provider as well.
The company announced on May 2 that it is preparing to spend $532 million to purchase Opower, another company that offers cloud services to the global utilities industry.
Oracle is expected to complete the purchase of Opower before this year comes to a close. The two companies will carry on independently until that time, whenever it is.
Once the transaction is complete, Opower teams and tools will work to support the Oracle Utilities suite of cloud services. Oracle Utilities consists of cloud services and apps that support the compliance and automate operational processes of utilities companies.
"Utilities want modern technology solutions that work together to meet their evolving customer, operational and compliance needs," said Rodger Smith, senior VP and general manager at the Global Business Unit of Oracle Utilities. "Together, Oracle Utilities and Opower will be the largest provider of mission-critical cloud services to utilities."
More than 100 global utility firms rely on Opower's big data platform to store meter readings, analyst meter data and support regulatory compliance. Opower's board of directors unanimously agreed to the deal, though part of the transaction will depend on the company's stockholders handing over most of its shares and pre-closing derivatives.
"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," said Dan Yates, co-founder and CEO of Opower. "We are excited to join Oracle and to bring even more value to our customers as part of the Oracle Utilities Industry Cloud Platform."
Just last week, Oracle went after Textura to claim the territory the cloud company had established for itself in the construction and engineering industries. Each month, Textura's cloud solutions process about $3.4 billion for more than 6,000 project.
Like the deal with Opower, Oracle's purchase of Textura is scheduled to complete before 2016 ends. The companies will continue to function independently until then.
