Oracle has continued its cloud acquisition streak with the announcement that it is planning to acquire the software-as-a-service company Opower for $532 million.
Over the course of three business days, the company has spent around $1.2 billion on cloud acquisitions. Just last Thursday, Oracle purchased Textura for its cloud contract and payment services for $663 million in an effort to increase its presence in the construction industry.
Opower specialises in selling customer engagement and energy efficiency cloud services to utilities. Through the use of big data analytics, its platform is able to search through meter readings to aid companies in cutting costs. Currently the company is providing services for PG&E, Exelon, Pepco and National Grid.
Through the acquisition of Opower, Oracle will be able to deliver a cloud portfolio for utility vendors that is stronger and more versatile. Opower and its services will now become a part of the Oracle Utilities division.
The deal with Oracle comes at an excellent time for Opower as the company recently had to lay off 7.5 per cent of its workforce worldwide. It also reported a loss of $13.6 million during the Q4 2015. Opower's VP of communications Matt Maurer said that this move was “part of an effort to cut back on our overall spending in sales and marketing and R&D”.
So far this year, Oracle has acquired Opower, Textura, AddThis, and Ravello Systems in an effort to ensure that its cloud remains competitive.