Oracle Corporation (NYSE: ORCL), the database software corporation, has bought the cloud-based energy company Opower after settling a $532 million deal.

The company based in Redwood, California has bought Opower just a week after acquiring the cloud service company Textura that specializes in engineering and construction.

Oracle recently acquired Opower after settling a $532 million deal. Credit: Market Watch

The deal between Oracle and Opower is set to close at the end of 2016, yet Opower shares have already been valued at a 30 percent premium after the announcement.

Expanding its database services

Oracle is a multinational computer technology corporation that specializes in developing and marketing database softwares, cloud systems and enterprise software.

The company possesses a large database of management systems, and it was categorized as the second-largest software company in 2011 after the giant Microsoft.

One of the specialties of the company is developing and building different tools to develop new database systems.

Oracle had an operating income estimated at $13.97 billion in 2015 with a net income of $9.94 billion, between its products figure: Oracle Applications, Oracle Database, Oracle Enterprise Manager, Fusion, Servers and storage products.

Now, Oracle is making an aggressive move to buy some of the highest worth database companies.

Accelerated buying experience

Oracle has given different statements on their “Accelerated Buying Experience” an initiative on behalf of the company, that is focused on overreaching a transformation in the cloud sector.

According to the company’s newsroom the buying experience “makes purchasing simple and fast.” Oracle customers will be able to access their cloud services using the SaaS application that has different cloud databases.

Oracle sees the move as a generational shift in technology, portraying this a one of the most important opportunities in the market, as for now.

The $532 billion deal

Opower is a company that sells data services, its aim is to track energy-use trends across almost ten million homes. Many companies, such as PG&E, use the service to fit into the energy efficiency standards.

The company serves homes across 9 countries serving their customers with information of their energy consumption and different ways to save both energy and money.

United State’s President Barack Obama visited the headquarters of the company in Arlington on 2010 calling it a “success story” in a troubled economy calling the company a great emblem in clean-energy jobs.

Oracle on the other side, announced in its newsroom the merge of the company assuring the deal will better the power industry.

“Oracle utilities offers a complete suite of operational applications and cloud services for global electric, gas and water utilities. Together, Oracle and Opower will provide the industry with the most complete, modern and integrated cloud platform for the entire utility value chain,” said the press release published in Oracle’s newsroom.

The deal is set to close in late 2016, until then, the companies will remain to work separately.

Source: Oracle