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Oracle agrees to acquire cloud-based services firm Corente

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January 8
2:00 AM 2014

Oracle said it would be buying cloud-based services company Corente, a move that is viewed to push technology giant deeper into the Internet age, The New York Times reported. A presentation on Oracle's website showed that the company expects the deal to be completed in the early part of this year. Terms of the deal were not provided.

The Dealbook reports that this latest acquisition marks at least the third major acquisition of a cloud-based platform for Oracle which represents an ongoing change in its strategy in the past few years. Historically, Oracle has taken most of its revenue from its hardware and installed software offers and has wavered in the past to support a competing business model, the report said.

Oracle Chief Corporate Architect Edward Screven said in a statement, "Oracle customers need networking solutions that span their data centers and global networks. By combining Oracle's technology portfolio with Corente's industry-leading platform extending software-defined networking to global networks, enterprises will be able to easily and securely deliver applications and cloud services to their globally distributed locations."

The report said companies have turned more and more to cloud-based strategies which enables businesses to streamline a lot of operations into one digital center. In 2011, Oracle, which is headed by billionaire Lawrence J. Ellison, launched Oracle Public Cloud. The subscription-based service provides customers "a high-performance, reliable, elastic and secure infrastructure for their critical business applications."

Privately held Corente is based in New Jersey. Information from its website showed that it gives cloud-based delivery technologies for firms that include British Telecom and equipment maker Ilinois Tool Works.

The Dealbook reported that Oracle bought online human resources online software Taleo in 2012 in a deal worth $1.9 billion. In 2011, it also purchased RightNow Technologies which makes Web-based customer service software. That deal was worth $1.43 billion. Last year, Oracle bought more than a half dozen technology companies. One of those acquisitions was Responsys, an enterprise software firm.

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