In a deal reportedly worth between $400 million to $450 million, Oracle Corp. has agreed to buy Ravello Systems, an Israeli cloud software company.
While the announcement was made on the respective websites of both firms on Tuesday, details on the purchase were not offered by either. The size of the deal was reported by Israeli media.
The interest by Oracle in Ravello Systems falls in line with the firm’s efforts to grow its cloud business. Ravello employees would join Oracle as part of Oracle Public Cloud, according to Oracle.
According to a report at Reuters,
Ravello was founded in 2011 and employs approximately 60 people. Ravello executives have raised $54 million, with its largest shareholders being Norwest Venture Partners, Sequoia Capital and Bessemer Venture Partners.
With the acquisition, Ravello would accelerate Oracle's ability to help customers move complex applications to the cloud, Ravello Chief Executive Rami Tamir explained on the Ravello website.
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