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Redwood Shores, Calif.—Apr 24, 2007
Oracle today announced that it has agreed to acquire Lodestar Corporation, a leading provider of meter data management and competitive energy solutions for the utilities industry. The combination of Lodestar's complementary products with Oracle's industry-leading suite of utilities applications acquired through SPL WorldGroup and now offered by Oracle's Utilities Global Business Unit underscores Oracle's commitment to the utilities industry.
"With the addition of Lodestar's products, Oracle plans to deliver the most comprehensive suite of mission-critical operational systems for all segments of the utilities industry, combining meter data management, load profiling, pricing, marketing, sales, customer care, billing, analytics and management of the networks, work force, assets and business-to-business transactions," said Larry Hagewood, Senior Vice President and General Manager, Oracle Utilities Global Business Unit. "Oracle is putting utilities in control by simplifying their infrastructure, enabling greater business insight, aiding process improvement and increasing customer satisfaction and loyalty. We expect our combined solutions will help facilitate the transformation of utilities to leading-edge infrastructure that creates operational efficiencies and competitive advantage for our customers."
"For Lodestar's clients, partners, shareholders and employees, this is an exciting chapter in our evolution," said Chris Hamilos, Lodestar's Chairman and Chief Executive Officer. "The natural synergies between Oracle's and Lodestar's premier product suites, coupled with Oracle's extensive research and development capacity, will enable us to further enhance our products and ensure our clients' continued success. It is a very beneficial business combination that will drive innovation and leadership in the utilities industry."
The transaction is subject to customary conditions and is expected to close in May 2007. Financial details were not disclosed. After the closing of the transaction, Oracle expects that Lodestar's employees will join Oracle's Utilities Global Business Unit. More information is available at http://www.oracle.com/lodestar.
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