Oracle to Buy Cloud Service Provider RightNow for $1.5B
Oracle has entered an agreement to acquire RightNow Technologies for approximately $1.43 billion cash, or $43.00 per share.
RightNow is a cloud-based service provider headquartered in Montana that supports call centers and help desks to improve clients’ customer service.
The deal is Oracle’s first purchase of a software as a service company, the Wall Street Journal reported. Oracle announced the launch of its own cloud services earlier this month.
RightNow’s federal customers include NASA, the Social Security Administration, the Customs and Border Protection and the Farm Service Agency.
It reported revenue of $186 million for the fiscal year ended in December, a more than 21.5 percent increase over the previous year, according to WSJ figures.
RightNow stockholders need to approve the deal, which is expected to close by late 2011 or early 2012. The company’s board of directors has already signed off on the acquisition terms.
“RightNow’s products add leading customer experience capabilities that help empower companies to interact with and provide a consistent experience to customers across channels,” said Greg Gianforte, RightNow founder and CEO. “We look forward to combining our complementary capabilities along with maintaining and expanding our presence in Bozeman, Montana in order to better service our customers.”
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