Oracle buying Arlington-based Opower for $532 million
Arlington-based Opower announced Monday it has entered into an agreement to be acquired by Redwood Shores, Calif.-based Oracle for about $532 million, net of Opower’s cash.
Opower’s platform stores and analyzes more than 600 billion meter reads from 60 million utility end customers, enabling utilities to meet regulatory requirements, decrease costs and improve customer satisfaction. Oracle offers cloud applications and platform services.
“Utilities want modern technology solutions that work together to meet their evolving customer, operational and compliance needs,” Rodger Smith, senior vice president and general manager of Oracle Utilities Global Business Unit, said in a statement. “Together, Oracle Utilities and Opower will be the largest provider of mission-critical cloud services to utilities.”
“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,” Dan Yates, Opower’s CEO and co-founder, said in a statement. “We are excited to join Oracle and to bring even more value to our customers as part of the Oracle Utilities Industry Cloud Platform.”
Opower’s board of directors has approved the transaction, which is expected to close this year.