Oracle has reached an agreement to acquire Opower, a customer engagement platform for the utilities industry, for $532 million. The transaction is expected to close in late 2016, and both companies will operate independently until then. The acquisition aims to provide the industry with the most modern, complete cloud applications for the entire utility value chain, according to Dan Yates, Co-Founder and CEO of Opower.
Opower’s solutions enable utility companies such as PG&E, Exelon and National Grid to provide customers with a modern, digital experience. The company’s Big Data platform stores and analyzes more than 600 billion meter reads from 60 million end customers of utilities.
“Utilities want modern technology solutions that work together to meet their evolving customer, operational and compliance needs,” said Rodger Smith, SVP and GM of Oracle Utilities Global Business Unit, in a statement. “Together, Oracle Utilities and Opower will be the largest provider of mission-critical cloud services to utilities.”
The news comes less than a week after Oracle bought cloud-based construction contracts and payment management solutions company Textura for $663 million. The company has been working to boost its SaaS offerings through the acquisitions of Opower, Textura and BlueKai, a database management business which Oracle acquired in 2014, as well as retail and hospital software provider Micros Systems.