Taleo Acquired By Oracle For $1.9 Billion
Oracle and cloud-based talent management company Taleo announced today that Oracle is buying Taleo for about $1.9 billion.
Oracle says that with Taelo, it intends to create a comprehensive cloud offering for organizations to manage their HR operations and employee careers.
“Human capital management has become a strategic initiative for organizations,” said Thomas Kurian, EVP, Oracle Development. “Taleo’s industry leading talent management cloud is an important addition to the Oracle Public Cloud.”
“Taleo’s integrated cloud-based talent management solutions optimize how organizations hire, manage, develop and reward their employees and gives companies the intelligence needed to capitalize on their most critical asset – their people,” said Michael Gregoire, Chairman and CEO of Taleo. “Joining forces with Oracle gives us the opportunity to better serve our customers.”
Gregoire posted the following letter on the Taleo site:
Taleo Customers and Partners,
On February 9, 2012, Taleo announced that it has entered into an agreement to be acquired by Oracle Corporation. The proposed transaction is subject to Taleo stockholder approval, certain regulatory approvals, and customary closing conditions and is expected to close mid-year 2012. Until the deal closes, each company will continue to operate independently, and it is business as usual.
Together, Oracle and Taleo expect to create a comprehensive cloud offering to help organizations improve the performance of their business by unlocking the power of their people. The combination is expected to empower employees and managers to effectively manage careers throughout their entire employment, enable organizations to retain talent and optimize costs, and improve the employee experience through faster on boarding and better collaboration with team members via social media.
Taleo’s industry leading talent management cloud is an important addition to the Oracle Public Cloud offering.
We look forward to continuing to deliver the solutions and services that you have come to expect from Taleo and will be providing you with important updates on how this combination will benefit our customers and partners around the world.
Chairman and CEO
Oracle is in the process of reviewing Taleo’s product roadmap. The company says it will be providing guidance to customers.