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Technology / AI and automation

ORACLE BUYS TREASURY SERVICES CORP FOR $120M

Oracle Corp is splashing out $120m and acquiring privately held profitability and risk analysis application provider, Treasury Services Corp to expand its dealings in the financial sector. Treasury Services will become part of Oracle’s Financial Services division and will retain its offices in Santa Monica, California. At this stage, all 250 members of staff at Treasury Services are expected to retain their jobs. Treasury Services main product is its Evaluation and Reporting System which includes systems for asset/liability management, funds transfer pricing and performance reporting, budgeting and forecasting and acquisition valuation and analysis. The company says the acquisition will give it the backing and reputation of a larger company. Spokesperson Ann Stephenson said that Products will get to market a lot quicker and we will be able to work on more product offerings. Completion of the deal is expected in the next 60-90 days following approval from the necessary authorities, including regulatory bodies. Oracle, which is working to boost its applications business to the point where revenues outstrip those of its database sales, says the domain expertise that comes with the purchase will help it to develop and deliver its industry specific systems for the market, and says the acquisition gives it a six month lead over competitors.

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CBR Staff Writer

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