Oracle has agreed to purchase cloud-based marketing firm Eloqua for $871 million. The Toronto-based company will be purchased at a price of $23.50 per share. Eloqua describes itself as a “provider of cloud-based marketing automation and revenue performance management software” for B2B marketers.
In a press release, Oracle said it plans to use the acquisition to improve its multi-channel customer service and lead generation products. Oracle writes:
“The combination of Oracle and Eloqua is expected to create a comprehensive Customer Experience Cloud offering to help companies transform the way they market, sell, support and serve their customers. The combined offering is expected to enable organizations to provide a highly personalized and unified experience across channels, create brand loyalty through social and online interactions, grow revenue by driving more qualified leads to sales teams, and provide superior service at every touchpoint.”
This is hardly the first time Oracle has picked up a B2B marketing software company. In May, Oracle purchased Vitrue for $300 million. Oracle then followed its purchase with a July buyout of Involver with undisclosed terms.
Speaking of Oracle’s decision to buy his company, Chairman and CEO, Eloqua, Joe Payne said:
“Exceptional customer experience starts with knowing your customer’s preferences and delivering a highly personalized buying experience. Together with Oracle, we expect to accelerate the pace of the modern marketing revolution and help our customers transform the way they market, sell, support and serve their customers.”
Further details regarding the terms of the acquisition have not been made at this time.