Tuesday, 24 June 2008

Oracle Buys Skywire Software

Software behemoth Oracle has entered into an agreement to acquire Skywire Software’s application software business.

Skywire is a provider of insurance and document management business applications. Its insurance software assists insurers in managing the life cycle of an insurance policy, including insurance policy creation, rating, insurance agent/broker management and information exchange solutions.

Oracle expects the addition of Skywire Software to expand its enterprise content management solution with customer communication management and document automation capabilities, enabling the organisation to provide an end-to-end, multi-channel content capability spanning multiple industries including financial services, legal and utilities.

Oracle also looks forward to adding Skywire’s 1,450 insurance customers to its existing base of some 1,000 insurers.

“Insurance is a strategic industry for Oracle with growth focused on integrated packaged applications,” said Charles Phillips, Oracle President.

“Insurance applications, such as Skywire Software’s for insurance policy life cycle management, help insurers navigate an increasingly complex business environment.

“Adding Skywire Software to our growing portfolio of insurance software products further accelerates our investment in and commitment to providing the most modern and complete software solutions for this industry.”

Oracle expects this new deal and its pending May 2008 acquisition of AdminServer, an insurance policy administration software provider, to accelerate the formation of a complete software suite for the insurance enterprise that will include Oracle's database and middleware for technical infrastructure, Oracle applications to support general business and insurance-specific functionality.

“Insurers look to software to speed policy implementation, accelerate new business acquisition, reduce costs and manage regulatory risk,” said Skywire Software President and CEO, Patrick Brandt.

“The combination of Skywire Software’s best-in-class insurance and document automation software applications with Oracle’s solutions will drive innovation and leadership to ensure our customers’ continued success.”

Financial details of the transaction were not disclosed.