Monthly Meeting - Dan Yates, Founder and CEO of Opower

 

Together, Oracle and Opower Will Become the Largest Provider of Mission-Critical Cloud Services to the 2.3 Trillion Utilities Industry

Arlington, Va. – May 2, 2016 – Opower (NYSE: OPWR), the leading provider of customer engagement and energy efficiency cloud services to utilities, today announced that it has entered into a definitive agreement to be acquired by Oracle (NYSE: ORCL), for 10.30 per share in cash. The transaction is valued at approximately 532 million, net of Opower’s cash.

Opower’s solutions enable over 100 global utilities, such as PG&E, Exelon and National Grid, to deliver a modern digital customer experience. Opower’s big data platform stores and analyzes over 600 billion meter reads from 60 million utility end customers, enabling utilities to proactively meet regulatory requirements, decrease the cost to serve, and improve customer satisfaction.

 “The combination will provide the industry with the most modern, complete cloud applications for the entire utility value chain, from meter to grid to end-customers,” said Dan Yates, Chief Executive Officer and Co-Founder, Opower. “We are excited to join Oracle and to bring even more value to our customers as part of the Oracle Utilities Industry Cloud Platform.”

“Utilities want modern technology solutions that work together to meet their evolving customer, operational and compliance needs,” said Rodger Smith, Senior Vice President and General Manager, Oracle Utilities Global Business Unit. “Together, Oracle Utilities and Opower will be the largest provider of mission-critical cloud services to utilities.”