Oracle has signed an agreement to acquire cloud-based and on-premise project portfolio management (PPM) applications provider Instantis for an undisclosed amount.
The company said, Instantis enables IT departments, product development teams and business process leaders to manage multiple corporate initiatives and improve strategic alignment, execution, and financial performance.
Following the acquisition, Oracle intends to combine Instantis with its Primavera and Fusion Applications to provide a set of cloud-based and on-premise Enterprise Project Portfolio Management applications.
The combined Oracle applications will provide the ability to manage, track and report on enterprise strategies.
Until the transaction closes, Oracle and Instantis will continue to operate independently and focus on their businesses as usual.
Following the acquisition, the Instantis management team and employees are expected to join Oracle as part of the Oracle Primavera Global Business Unit.
Oracle Primavera senior vice president and general manager Mike Sicilia said: "By adding Instantis, Oracle can help customers gain complete visibility and control of their mission-critical project initiatives using a top-down approach suited for projects throughout the entire organization."