(Bloomberg) -- Oracle Corp. agreed to buy Eloqua Inc. for about $871 million to further expand into cloud computing amid competition from SAP AG and Salesforce.com Inc.

The $23.50-per-share offer is more than twice Eloqua’s initial public offering price in August and 31 percent higher than the close yesterday. The board of Eloqua, whose Internet- based software is used in marketing and revenue-performance management, approved the deal, according to a statement.

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