Redwood Shores, Calif.—Apr 12, 2006
Oracle (NASDAQ: ORCL) today announced that it will acquire Portal Software, Inc. (OTC BB: PRSF.PK), a leading global provider of billing and revenue management solutions for the communications and media industry, through a cash tender offer for $4.90 per share, or approximately $220 million.
"The combination of Oracle and Portal delivers the first end-to-end packaged enterprise software suite for the communications industry," said Oracle's President Charles Phillips. "We supply technology and applications to over 90% of communications companies worldwide today, and billing is a logical and complementary addition for those customers."
Oracle has had a long commitment to the communications industry. 17 of the top 20 most profitable communications companies run Oracle applications. Additionally Oracle's Siebel Telecom applications have become the standard for telco call centers and customer care. Oracle Database 10g is the leading relational database and TimesTen is the most widely used in-memory database for the communications industry. Oracle Fusion Middleware is the fastest growing service delivery platform for next generation networks using network independent standards.
"This is exactly the kind of combination our customers have been asking for," said Portal's Founder and CEO, Dave Labuda. "Bringing together Oracle's leading ERP, CRM and infrastructure software with Portal's global billing and revenue management into an integrated solution is a huge win for our customers."
Portal offers the only billing and revenue management solution with a modern, object-oriented architecture built on Oracle that can bill and manage all communications services including wireline, wireless, broadband, cable, voice over IP, IPTV, music, and video. As communications, publishing, media, and entertainment services converge, Oracle can support companies with a proven offering for billing, customer interaction, and management of digital services and content.
Portal's management and employees will form a dedicated global communications business unit within Oracle concentrating on billing and revenue management. Bhaskar Gorti, Portal's current SVP of worldwide sales, service and marketing, will lead the unit as General Manager, and Dave Labuda will become the unit's CTO.
Oracle (NASDAQ: ORCL) is the world's largest enterprise software company. For more information about Oracle, please visit our Web site at http://www.oracle.com.
Oracle, JD Edwards, PeopleSoft and Siebel are registered trademarks of Oracle Corporation and/or its affiliates. PORTAL, and the PORTAL LOGO are trademarks or registered trademarks in the United States and in other countries, all owned by Portal Software, Inc. or its subsidiaries. Other names may be trademarks of their respective owners.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES. THE SOLICITATION AND THE OFFER TO BUY PORTAL SOFTWARE'S COMMON STOCK WILL ONLY BE MADE PURSUANT TO AN OFFER TO PURCHASE AND RELATED MATERIALS THAT ORACLE CORPORATION INTENDS TO FILE. STOCKHOLDERS SHOULD READ THESE MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. STOCKHOLDERS WILL BE ABLE TO OBTAIN THE OFFER TO PURCHASE AND RELATED MATERIALS WITH RESPECT TO THE TENDER OFFER FREE AT THE SEC'S WEBSITE AT WWW.SEC.GOV OR FROM ORACLE CORPORATION.