Oracle buys Opower $ 532 million to strengthen itself in the cloud
Oracle continues its strategy of strengthening in the cloud. The American group announces that it has reached a definitive agreement for the acquisition ofOpower, an American company specializing in SaaS solutions for the energy sector. The operation will be carried out for a price of 10.3 dollars in cash per share, or approximately 532 million dollars (459.8 million euros). The transaction should be completed this year.
Founded in 2007, Opower is developing a platform that brings together a suite of applications dedicated to customer relationship management for energy groups. This may involve, for example, promoting energy saving programs to consumers in the event of a peak in consumption on the network, or even providing solutions enabling them to better understand their bills. The offer also includes more traditional communication tools.
CA $ 149 million in 2015
To finance its development, Opower completed a fundraising of $ 50 million in 2010, notably from Accel Partners and Kleiner Perkins Caulfield & Byers funds, which are very active in the Tech sector. Today, the company claims several major accounts among its customers. On its website, it therefore refers to a hundred groups in its portfolio, such as EDF, but also E.ON, Pepco or HydroOttawa. So many energy players that it serves from its head office in Arlington, Virginia, and its offices in San Francisco, London, but also in Singapore and Tokyo.
In his financial presentation, Opower, which is positioned in a market it estimates at $ 11 billion, says it achieved $ 149 million in revenue in its 2015 fiscal year – most of which comes from recurring revenue – and plans to reach 161 million this year. Following its acquisition, Opower will join the “Oracle Utilities Industry Cloud Platform” division of the American firm.