Oracle is planning a series of industry specific software acquisitions in order to diversify its portfolio as a safeguard against competition from smaller rivals.
According to Business Week, Oracle co-president and former Hewlett Packard CEO Mark Hurd said that Oracle is focusing on catering to vertical markets like financial services, telecommunications and banking and that the acquisitions will help the company to strengthen its offerings.
Hurd did add that the company is not feeling pressurised enough to dip into its massive cash reserves, which totals a whopping $31.7 billion.
Hurd claimed that the company offers hardware and software products which boost the performance significantly, thereby reducing the number of servers and systems required by an organisation, be it small or large.
The company plans to announce new software and hardware offerings solutions in next week’s OpenWorld conference in San Francisco. Oracle also plans to launch new software under its Fusion line.
Hurd is optimistic that the products that will be launched this year at OpenWorld will enjoy the same success as the ones launched in last year’s conference.
“If you went back a year ago and looked at the amount of technology released at Oracle OpenWorld, you’d have to say it’s a tremendous yield. Next week we’ll announce even more,” Hurd said.