Oracle Gets PeopleSoft, At Last - InformationWeek
IoT
IoT
Software // Enterprise Applications
News
12/13/2004
09:09 AM
50%
50%
RELATED EVENTS
Faster, More Effective Response With Threat Intelligence & Orchestration Playboo
Aug 31, 2017
Finding ways to increase speed, accuracy, and efficiency when responding to threats should be the ...Read More>>

Oracle Gets PeopleSoft, At Last

Oracle also said its application sales surged 57% in 2Q.

Oracle CEO Larry Ellison has sealed the deal. After an 18-month battle, Oracle will acquire application vendor PeopleSoft Inc. for approximately $10.3 billion, the two companies said Monday morning.

The breakthrough came when Oracle sweetened its "best and final" $24-per-share offer to $26.50. The sale has been approved by both companies' boards of directors and is expected to close by early January. Oracle and PeopleSoft combined will become the world's second-largest enterprise application maker after SAP.

Oracle also reported the results of its second fiscal quarter ended Nov. 30. Revenue grew 10% to $2.76 billion, including a 14% jump in new software license sales to $971 million, led by a 57% increase in new applications sales. Net income grew 32% to $815 million, or 16 cents per share. The financial results weren't scheduled to be announced until Dec. 16.

"Today we announced both a great quarter and the agreement to acquire PeopleSoft. This merger gives Oracle even more scale and momentum," Ellison said in a statement, particularly noting the second-quarter growth in Oracle's applications business.

"This merger works because we will have more customers, which increases our ability to invest more in applications development and support," Ellison said in the statement. He said Oracle will continue to enhance PeopleSoft 8, the current release of PeopleSoft's application suite, and develop PeopleSoft 9, the version that PeopleSoft has under development.

Oracle will also enhance the current release of applications from J.D. Edwards & Co. and develop a future version 6 of the application suite, Ellison said in his statement. PeopleSoft acquired J.D. Edwards in July 2003.

Oracle said it's amending its current tender offer for all outstanding shares of PeopleSoft stock to expire at midnight EST Dec. 28. As of the close of business on Friday, Oracle said, approximately 120.6 million shares had been tendered and not withdrawn from the offer.

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
[Interop ITX 2017] State Of DevOps Report
[Interop ITX 2017] State Of DevOps Report
The DevOps movement brings application development and infrastructure operations together to increase efficiency and deploy applications more quickly. But embracing DevOps means making significant cultural, organizational, and technological changes. This research report will examine how and why IT organizations are adopting DevOps methodologies, the effects on their staff and processes, and the tools they are utilizing for the best results.
Register for InformationWeek Newsletters
White Papers
Current Issue
IT Strategies to Conquer the Cloud
Chances are your organization is adopting cloud computing in one way or another -- or in multiple ways. Understanding the skills you need and how cloud affects IT operations and networking will help you adapt.
Video
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Flash Poll