Oracle announced today that it has purchased software maker Eloqua for about $871 million.
Eloqua provides cloud-based marketing automation and revenue performance management solutions, and Oracle says its "modern marketing cloud" ensures that "every component of marketing" helps to drive revenue more efficiently.
Oracle says the combination of the two companies will create a comprehensive "Customer Experience Cloud".
“Modern marketing practices are driving revenue growth and is a critical area of investment for companies today,” said Thomas Kurian, Executive Vice President, Oracle Development. “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, which includes the Oracle Sales Cloud, Oracle Commerce Cloud, Oracle Service Cloud, Oracle Content Cloud and Oracle Social Cloud.”
Eloqua Chairman and CEO Joe Payne said, “Exceptional customer experience starts with knowing your customer’s preferences and delivering a highly personalized buying experience. 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 expects the deal to close in the first half of next year. It's already been approved by Eloqua's board, though it's still subject to stockholder approval.
Earlier this week, Oracle posted its earnings for its second fiscal quarter ended November 30, beating analysts expectations, and showing "a growing acceptance" of the Cloud, according to the Wall Street Journal.