On October 29, 2008, Oracle announced it has entered into an agreement to acquire RuleBurst Holdings Limited, the parent company of Haley Limited (Haley), a leading provider of policy modeling and automation software for legislative and regulated industries such as public sector, financial services and insurance. Specifically for public sector, the combination is expected to create an end-to-end solution for social services agencies. The transaction is subject to stockholder and governmental approvals and other customary closing conditions and is expected to close in the first calendar quarter of 2009.

Haley has over 20 years experience in delivering complex policy automation software for industries that are a focus for Oracle, including public sector, financial services and insurance. Enterprise policy automation is mission-critical for customers that need to quickly and effectively implement, manage and ensure compliance with constantly changing policies, regulations and legislation. Haley’s leading applications empower business users to translate legislation and policy into automated business rules using natural language to enable self-service, automate advice, ensure compliance and mitigate risk for policies enterprise wide.

The combination of Haley’s products with Oracle’s ERP, Siebel CRM and Oracle’s industry applications is expected to create the first packaged software solution for social services agencies with an enhanced case management application utilizing Haley to drive eligibility determinations. The Haley policy automation platform is also used in other industries that are highly regulated such as financial services and insurance to implement and manage complicated and rapidly changing policies in natural language without the need for specialized software programming. Financial services customers are expected to more effectively manage the business rules that govern trading, lending, underwriting, claims, origination and fraud prevention. Insurance customers are expected to be able to optimize complex underwriting through multi-variable "what-if" capabilities, apply business logic to highlight high-risk claims and make improved claim adjustments.

Haley’s management and employees are expected to join Oracle to form a dedicated global business unit focused on enterprise policy automation solutions.

For more information about the proposed combination, please visit oracle.com/haley.

We appreciate your continued support.

Sincerely,
 
Charles Phillips
President

Until the deal closes, each company will continue to operate independently. The above is for informational purposes only and may not be incorporated into a contract.

 
 
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