Oracle has entered into a definitive agreement to acquire Opower, a provider of customer engagement and energy efficiency cloud services to utilities, in a transaction valued at approximately $532 million. Separately, Oracle also announced another agreement to acquire Textura, a provider of construction contracts and payment management cloud services for in a deal valued at approximately $663 million.
Oracle says Opower’s solutions support more than 100 global utilities, and its big data platform stores and analyzes over 600 billion meter reads from 60 million utility end customers, enabling utilities to proactively meet regulatory requirements.
“Utilities want modern technology solutions that work together to meet their evolving customer, operational and compliance needs,” said Rodger Smith, senior vice president and general manager, Oracle Utilities Global Business Unit. Opower will become part of the Oracle Utilities Industry Cloud Platform, creating what will be the largest cloud provider to the $2.3 trillion utilities industry, according to Oracle.
According to Oracle, Textura’s cloud services process $3.4 billion in payments for over 6,000 projects each month, helping keep projects on time and under budget while reducing risk for developers, contractors and subcontractors. Usage of Textura’s cloud services creates a network effect that benefits all participants as more than 85,000 general and subcontractors are connected to the platform.
Together, Oracle Primavera, which offers a suite of cloud solutions for project, cost, time, and risk management, and Textura will form the Oracle Engineering and Construction Global Business Unit to provide a comprehensive cloud-based project control and execution platform to manage all phases of engineering and construction projects.
The Textura transaction is expected to close in 2016. More information about this announcement is available at www.oracle.com/textura.
The Opower transaction is expected to close in 2016. More information about this announcement is available at www.oracle.com/opower.