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Customers and Partners,
On May 2, 2016, Oracle announced that it entered into a definitive agreement to acquire Opower, the leading provider of customer engagement and energy efficiency cloud services to utilities. We are pleased to announce the transaction has closed.
Opower’s solutions enable over 100 global utilities, including PG&E, Exelon and National Grid to deliver a modern digital customer experience. Opower’s big data platform stores and analyzes over 600 billion meter reads from 60 million utility end customers, enabling utilities to proactively meet regulatory requirements, decrease the cost to serve, and improve customer satisfaction.
Oracle Utilities offers a complete suite of operational applications and cloud services for global electric, gas and water utilities that automate core operational processes and enable compliance. Together, Oracle and Opower will provide the industry with the most complete, modern and integrated cloud platform for the entire utility value chain, from meter to grid to end-customers.
Oracle is committed to protecting and enhancing customer investments in Opower’s solutions. Opower management and employees will maintain their focus on serving customers. Oracle’s industry organizations maintain unique domain knowledge, specialized expertise and focused product investments, which currently includes more than 22,000 Oracle employees and over $700 million in annual R&D spend. This model has proven highly successful across several industries, and we look forward to bringing these same benefits to the customers of Opower.
For more information please visit www.oracle.com/opower.
Thank you for your continued support.
Senior Vice President and General Manager
Oracle Utilities Global Business Unit
Cautionary Statement Regarding Forward-Looking Statements
This document contains certain forward-looking statements about Oracle and Opower, including statements that involve risks and uncertainties concerning Oracle's proposed acquisition of Opower, anticipated customer benefits and general business outlook. When used in this document, the words "anticipates", "can", "will", "look forward to", "expected" and similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements. Any such statement may be influenced by a variety of factors, many of which are beyond the control of Oracle or Opower, that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied in this document due to a number of risks and uncertainties. Potential risks and uncertainties include, among others, the possibility that the anticipated synergies of the combined companies may not be achieved after closing, the combined operations may not be successfully integrated in a timely manner, if at all, general economic conditions in regions in which either company does business, and the possibility that Oracle or Opower may be adversely affected by other economic, business, and/or competitive factors. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of Oracle or Opower.
In addition, please refer to the documents that Oracle and Opower, respectively, file with the U.S. Securities and Exchange Commission (the "SEC") on Forms 10-K, 10-Q and 8-K. These filings identify and address other important factors that could cause Oracle's and Opower’s respective operational and other results to differ materially from those contained in the forward-looking statements set forth in this document. You are cautioned to not place undue reliance on forward-looking statements, which speak only as of the date of this document. Neither Oracle nor Opower is under any duty to update any of the information in this document.
Oracle is currently reviewing the existing Opower product roadmap and will be providing guidance to customers in accordance with Oracle's standard product communication policies. Any resulting features and timing of release of such features as determined by Oracle's review of Opower’s product roadmap are at the sole discretion of Oracle. All product roadmap information, whether communicated by Opower or by Oracle, does not represent a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decision. It is intended for information purposes only, and may not be incorporated into any contract.