Oracle to buy Eloqua in $871 million deal
- December 20, 2012
Vienna-based Eloqua, Inc. is being acquired by Oracle Corp. in a deal worth $871 million.
Eloqua is a provider of cloud-based marketing automation and revenue performance management software. Founded in 2000, it had become a publicly traded company in August.
“Exceptional customer experience starts with knowing your customer’s preferences and delivering a highly personalized buying experience,” Joe Payne, the chairman and CEO of Eloqua, said in a statement. “Together with Oracle, 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.”
Oracle, based in Redwood Shores, Calif., is a computer technology company specializing in hardware systems and enterprise software products.
Oracle is offering to pay $23.50 for each Eloqua share, 31 percent higher than its Wednesday closing price of $17.92.
Eloqua and Oracle officials said they expect the combination of the two companies to create a comprehensive Customer Experience Cloud helping companies change the way they market, sell, support and serve their customers.
“Modern marketing practices are driving revenue growth and is a critical area of investment for companies today,” Thomas Kurian, executive vice president of Oracle Development, said in a statement. “Eloqua’s leading marketing automation cloud will become the centerpiece of the Oracle Marketing Cloud and is an important addition to the Oracle Customer Experience offering.”
The board of directors of Eloqua has unanimously approved the transaction, which is expected to close in the first half of 2013. The deal is subject to approval by Eloqua stockholders and regulatory agencies.