June 23, 2008 - Oracle agreed to acquire Skywire Software's application software business.
Skywire Software is a leading provider of insurance software and document management business applications. Its insurance software assists insurers in managing the life cycle of an insurance policy, including insurance policy creation, rating, insurance agent/broker management and information exchange solutions.
The addition of Skywire Software will also expand Oracle's enterprise content management solution with customer communication management and document automation capabilities, enabling Oracle to provide an end-to-end, multichannel content capability spanning multiple industries including financial services, legal and utilities.
Skywire Software employees and management are expected to join the Oracle Insurance Global Business Unit with the pending acquisition of AdminServer. The transaction is expected to closed in the second half of 2008. Until the deal closes, each company will continue to operate independently.
"Insurance is a strategic industry for Oracle with growth focused on integrated packaged applications. Insurance applications, such as Skywire Software's for insurance policy life cycle management, help insurers navigate an increasingly complex business environment," said Oracle president, Charles Phillips. "Adding Skywire Software to our growing portfolio of insurance software products further accelerates our investment in and commitment to providing the most modern and complete software solutions for this industry."
"Insurers look to software to speed policy implementation, accelerate new business acquisition, reduce costs and manage regulatory risk," said Skywire Software President and CEO, Patrick Brandt. "The combination of Skywire Software's best-in-class insurance and document automation software applications with Oracle's solutions will drive innovation and leadership to ensure our customers' continued success."
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