Software giant Oracle is to acquire marketing automation software company Responsys for $1.5bn as it bids to build-out its Oracle Marketing Cloud.
The deal, agreed with Responsys CEO Dan Springer and the board of the company, represents a 38 per cent premium on the value of the company compared to its closing price on yesterday.
Responsys' software is intended to help automate marketing via email, web sites and social networking.
"Our strategy of combining the leaders across complementary technologies signifies Oracle's overwhelming commitment to winning and serving the CMO [chief marketing officer] better than any other software company in the world," said Mark Hurd, president of Oracle, in a statement.
Oracle that said it expects to close the deal during the first half of 2014.
In a letter to customers, Responsys CEO Dan Springer said: "We will be operating as a part of the Oracle Marketing Cloud, which means we have the opportunity to continue to drive the strategic direction for Responsys technology. And, as a part of the larger Oracle Corporation, we also plan to leverage the vast resources of one of the largest software companies in the world."
He continued: "Not only does Oracle share our vision, but they are also the proven leader in bringing together best-in-class technologies and companies. The Oracle Marketing Cloud is the only platform to unite enterprise-class leaders like Responsys, Eloqua and Compendium, into a single marketing cloud platform, giving CMOs across every industry a way to orchestrate their marketing interactions across channels and throughout the customer lifecycle."
He concluded: "As a part of the Oracle Marketing Cloud, we'll be able to service the needs of today's marketer better than any other software company in the world."
In a presentation, the two companies claimed that the combination would "create the largest modern marketing cloud in the world". However, while "marketing automation" invokes visions of using technology to market goods and services more effectively via multiple channels, in reality it invariably means little more than targeted email.
The announcement of the deal comes after Oracle revealed quarterly figures on Wednesday that beat Wall Street expectations after three quarters of disappointing results. Revenue for the quarter to the end of November amounted to $9.28bn, up two per cent compared to the same quarter in 2012.
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