Oracle, one of the country's largest technology companies, announced on Monday that it has purchased the customer relationship management service firm RightNow.
The company will be purchased for nearly $1.5 billion at $43 per share, more than 20 percent above the stock's prior monthly average. InformationWeek notes that the purchase is interesting because RightNow offers CRM software through a cloud-based platform, two areas in which Oracle already boasts strong offerings.
"Oracle is moving aggressively to offer customers a full range of Cloud Solutions including sales force automation, human resources, talent management, social networking, databases and Java as part of the Oracle Public Cloud," Thomas Kurian, executive vice president of Oracle Development, said in a statement.
InformationWeek suggests the purchase reflects a willingness to spend heavily to ensure a leading role in these growing fields.
The New York Times notes that the announcement comes only a week after Oracle purchased another web-based software company, Endeca Technologies. Oracle paid more than $1 billion for the small Cambridge, Massachusets-based company.
Endeca was still a private company, but being public the RightNow deal should be completed sometime in early 2012.