Oracle Buys Primavera
Today, Oracle announced it has agreed to acquire Primavera Software, Inc., a leading provider of Project Portfolio Management (PPM) solutions, to accelerate its momentum in delivering mission-critical operational applications.
Primavera's PPM software helps companies propose, prioritize and select project investments, and plan, manage and control the most complex projects and project portfolios.
Together with Oracle's applications and infrastructure software, Oracle expects to provide the first comprehensive enterprise project portfolio management solution that helps companies allocate the best resources, reduce costs, meet delivery dates and ultimately make better decisions, all by using real-time data.
Oracle Enterprise PPM will be tailored to project-intensive industries such as engineering and construction, aerospace and defense, utilities, oil and gas, manufacturing, and professional services.
Primavera employees and management are expected to join Oracle to form a global business unit (GBU) focused on Enterprise PPM, and to help ensure a smooth transition for Primavera customers and partners. Primavera's CEO Joel Koppelman is expected to lead the business unit as Senior Vice President and General Manager.
The transaction is subject to customary closing conditions and is expected to close in the second half of 2008. Until the deal closes, each company will continue to operate independently. Financial details of the transaction were not disclosed.
"Enterprise PPM is moving to the forefront of business strategy for industries managing complex and capital intensive projects, and has emerged as a global driver for value creation and business success," said Oracle President Charles Phillips. "With 20% of the world's GDP spent annually on projects, the addition of Primavera is expected to extend Oracle's leadership position in the enterprise application space."
"As a leader in PPM solutions with over 25 years experience helping customers succeed at managing projects, programs and portfolios, Primavera is a natural addition to accelerate Oracle's application strategy for project-intensive industries," said Primavera CEO Joel Koppelman. "We are excited to join Oracle as a new global business unit where we can ensure continuity and success for our current and prospective customers and partners."
NEWS SOURCE: www.primavera.com