Oracle today announced that it has entered into an agreement to acquire substantially all of the assets of Skire, a leading provider of capital program management and facilities management applications available both in the cloud and on-premise.
Skire’s software provides a complete set of management and governance tools across all project phases from planning and building to operations, enabling companies to efficiently manage their capital and construction programs.
By combining Skire with industry leading capabilities from Oracle Primavera products, Oracle intends to create a full lifecycle Enterprise Project Portfolio Management (EPPM) platform that provides a comprehensive offering from capital planning and construction to operations and maintenance for owners and operators, contractors and sub-contractors.
The combination is expected to help organizations manage their projects with more predictability and financial control, improving profitability and operational efficiency.
Terms of the agreement were not disclosed. More information on this announcement can be found at oracle.com/skire.
“Project-intensive enterprises are facing intense pressure to deliver projects on time and on budget”, said Mike Sicilia, senior vice president and general manager, Oracle Primavera. “Adding Skire to the Oracle Primavera Suite will help our customers gain complete visibility, automation and financial control across their entire project and program portfolio to help them manage for long-term growth.”
“The capital construction and facilities industry has for decades sought a tighter relationship and greater synchronization between owners and service providers, and the Oracle-Skire combination makes that vision a reality,” said Massy Mehdipour, founder and CEO of Skire. “This announcement is the result of years of tremendous dedication by our employees, and with the support of our customers we are thrilled to be joining Oracle to provide the choice of both cloud-based and on-premise governance spanning the entire lifecycle of EPPM.”
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This document is for informational purposes only and may not be incorporated into a contract or agreement.
Ken Bond, Oracle Investor Relations
P: +1.650.607.0349 - E: ken.bond[.]oracle.com.
Oracle (oracle.com) is currently reviewing the existing Skire 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 Skire's product roadmap are at the sole discretion of Oracle. All product roadmap information, whether communicated by Skire or by Oracle, does not represent a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. It is intended for information purposes only, and may not be incorporated into any contract.
Cautionary Statement Regarding Forward-Looking Statements
This document contains certain forward-looking statements about Oracle and Skire including statements that involve risks and uncertainties concerning Oracle's proposed acquisition of substantially all of Skire’s assets, 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 Skire 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 transaction will not close or that the closing may be delayed, the anticipated synergies of the combined assets 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 may deteriorate and/or Oracle or Skire 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 Skire. 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 Skire is under any duty to update any of the information in this document.