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Oracle to buy Taleo for $1.9 billion

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Oracle to buy Taleo for $1.9 billion

2012-02-10 06:56:14 GMT+7 (ICT)

REDWOOD SHORES, CALIFORNIA (BNO NEWS) -- Multinational tech company Oracle on Thursday announced that it has agreed to acquire Taleo Corporation for approximately $1.9 billion.

The Board of Directors of Taleo, a leading provider of cloud-based talent management, unanimously approved the transaction which is expected to close later in the year. It is still subject to Taleo stockholder approval, certain regulatory approvals and other customary closing conditions.

Taleo will be acquired for $46.00 per share as its Talent Management Cloud, which helps organizations attract, develop, motivate and retain human capital to improve performance and drive growth, is expected join Oracle to create a comprehensive cloud.

"Human capital management has become a strategic initiative for organizations," said Thomas Kurian, Executive Vice President at Oracle Development. "Taleo's industry leading talent management cloud is an important addition to the Oracle Public Cloud."

The company said the Oracle-Taleo combination is expected to empower employees and managers to effectively manage careers throughout their entire employment, enable organizations to retain talent and optimize costs, and improve the employee experience through faster on boarding and better collaboration with team members via social media.

The announcement comes about two months after SAP announced the acquisition of SuccessFactors, the market-leading provider of cloud-based human capital management solutions for approximately $3.4 billion, or $40 per share.

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-- © BNO News All rights reserved 2012-02-10

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