(Bloomberg) -- Oracle Corp. announced the opening of an Israeli start-up accelerator focused on cloud innovation as the company shifts to selling more cloud-based programs and services.
“The next five to 10 years promise innovations and growth that will drive new business ideas enabled by the cloud,” Reggie Bradford, senior vice president of product development for the Redwood City, California-based company, said in Tel Aviv. The accelerator will offer startups six months of mentoring, a co-working space, and access to Oracle’s cloud, customers, partners and investors.
Last year Oracle acquired NetSuite Inc., a provider of cloud-based financial services, for $9.3 billion as it expands into selling computing power via the cloud and positions itself to compete with companies like Amazon.com Inc., Microsoft Corp. and Google.
The opening of the accelerator in Israel follows a launch in Bangalore, India in April 2016.
“We are committed to building a supportive ecosystem for startups across the globe,” Thomas Kurian, Oracle’s president of product development, said in a press release.
Oracle already has eight development centers in Israel, including two startups it bought last year -- the public cloud company Ravello Systems Ltd. and cloud marketing company Crosswise Ltd.
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