IT company Oracle today said it will buy cloud computing marketing software firm Responsys for approximately USD 1.5 billion.
Oracle in a statement said that "it has entered into an agreement to acquire Responsys...for USD 27 per share in cash or approximately USD 1.5 billion, net of Responsys' cash."
Responsys is used by the most respected B2C (Business To Consumer) brands across the globe to orchestrate marketing interactions across email, mobile, social, display and the web, at massive scale.
"Oracle customers will benefit from continued R&D investment across the Responsys and Eloqua platforms, ensuring that CMOs (Chief Marketing officer)in all industries are armed with a best-in-class solution," Oracle Development's Executive Vice President Thomas Kurian said.
The Board of Directors of Responsys has unanimously approved the transaction.
The transaction is expected to close in the first half of 2014, subject to Responsys stockholders tendering a majority of Responsys' outstanding shares and vested equity incentive
awards in the tender offer, certain regulatory approvals and other customary closing conditions, the statement said.
"Oracle not only shares our vision, but is the proven leader in bringing together best-in-class technologies and companies to realize the largest enterprise opportunities," Responsys CEO Dan Springer said.