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July 23, 2010

Oracle backtracks on acquisition strategy talk

Phillips claims $70bn, 5-year plan; Oracle denies

By Cbr Rolling Blog

Oracle does not have a five-year, $70bn acquisition strategy, despite what president Charles Phillips told the Brainstorm Fortune Tech conference in Aspen recently.

According to a report on CNN Money’s Fortune website the company was looking to increase acquisitions as it looked to move into adjacent areas – although Phillips denied salesforce.com was on Oracle’s radar. Although it is interesting to note that the article doesn’t contain any direct quotes from Phillips on the aforementioned facts and figures.

On Friday morning however the company denied that it had five-year plan in place to follow previous acquisitions such as Sun Microsystems, BEA and Hyperion.

"Oracle does not have a five year acquisition budget," said Oracle spokesperson Karen Tillman in a statement. "We don’t even have a one year acquisition budget. While it is highly unlikely that we will spend anything approaching $70 billion in five years, we will be opportunistic and, if market conditions warrant, we will buy additional companies that further our strategic goals and address our customers’ needs."

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