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On June 23, 2008, Oracle announced it has entered into an agreement to acquire Skywire Software's application software business. Skywire Software is a leading provider of insurance and document management business applications. The transaction is subject to customary closing conditions and is expected to close in the second half of 2008.
Skywire Software insurance offerings are proven solutions spanning policy production, customer correspondence, rating, underwriting, and real-time insurance data exchange used by more than 1,450 insurance customers.
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.
Our combined insurance product portfolio is expected to help customers to speed policy implementation, accelerate new business acquisition, and reduce cost and complexity as they manage evolving regulatory requirements.
Skywire Software's management and employees are expected to join the Oracle Insurance Global Business Unit together with employees from the pending acquisition of AdminServer. Their insurance industry domain expertise will help Oracle meet the increasing needs of our customers in the insurance industry. AdminServer's CEO Rick Connors is expected to lead the Insurance Global Business Unit as General Manager.
In addition, Skywire Software's customer communication management and document automation capabilities will expand Oracle Enterprise Content Management. Skywire Software's interactive document creation, high-volume content production and personalized communications functionality will be combined with Oracle Enterprise Content Management to provide end-to-end, multi-channel content capabilities applicable across multiple industries, including financial services, legal and utilities.
After the close of the transaction, we anticipate that Oracle partners will benefit from working with a single vendor to address insurance customer software needs as well as from extended content capabilities around Oracle Enterprise Content Management. System Integrators are expected to have the opportunity to provide world-class solutions to customers through an expanded application footprint. Independent Software Vendors are expected to benefit from the opportunity to leverage the combined, broader footprint, and technology partners should gain broader opportunities for development integrations based on Oracle Application Integration Architecture. Partners will be able to take advantage of Oracle's worldwide resources and the Oracle PartnerNetwork program.
We look forward to providing our insurance customers a comprehensive solution for their businesses. To learn more about the proposed combination of Oracle and Skywire Software, please visit oracle.com/skywiresoftware.
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The above is for informational purposes only and may not be incorporated into a contract.