Accelerates Oracle's Formation of the Most Modern and Complete Software Suite for the Insurance Industry and Expands Content Management Capabilities
June 23, 2008
Oracle today announced that it has agreed to acquire Skywire Software's application software business.
Skywire Software is a leading provider of insurance software and document management business applications.
Skywire Software's insurance software assists insurers in managing the life cycle of an insurance policy, including insurance policy creation, rating, insurance agent/broker management and information exchange solutions.
With Skywire Software and the pending acquisition of AdminServer, Oracle is expected to accelerate the formation of the most complete software suite for the insurance enterprise to include Oracle's database and middleware for technical infrastructure, Oracle applications to support general business, insurance-specific functionality in Oracle Billing, Siebel Claims, Siebel CRM and Insure³, plus Skywire Software and AdminServer to further support insurance policy life cycle management.
Skywire Software employees and management are expected to join the Oracle Insurance Global Business Unit together with the pending acquisition of AdminServer.
Skywire Software's 1,450 insurance customers will add increased scale to Oracle's existing base of over 1,000 insurers.
The addition of Skywire Software will also expand Oracle's Enterprise Content Management solution with customer communication management and document automation capabilities, enabling Oracle to provide an end-to-end, multi-channel content capability spanning multiple industries including financial services, legal and utilities.
The transaction is expected to close in the second half of 2008. Until the deal closes, each company will continue to operate independently. Financial details of the transaction were not disclosed.
"Insurance is a strategic industry for Oracle with growth focused on integrated packaged applications. Insurance applications, such as Skywire Software's for insurance policy life cycle management, help insurers navigate an increasingly complex business environment," said Oracle President, Charles Phillips. "Adding Skywire Software to our growing portfolio of insurance software products further accelerates our investment in and commitment to providing the most modern and complete software solutions for this industry."
"Insurers look to software to speed policy implementation, accelerate new business acquisition, reduce costs and manage regulatory risk," said Skywire Software President and CEO, Patrick Brandt. "The combination of Skywire Software's best-in-class insurance and document automation software applications with Oracle's solutions will drive innovation and leadership to ensure our customers' continued success."
"Skywire Software's customer communications management capabilities will add considerable value to Oracle's Enterprise Content Management Solutions," said Oracle Vice President, Frank Radichel. "The functionality will enable customers across industries to deliver marketing and customer communications consistently across multiple mediums, including email, print, web and mobile."