Our comments and trackback policy You Link We Follow, You Comment We Promote
Oracle has announced today that it has reached an agreement to buy Skywire Software’s application software business. Skywire is a leading contributor of insurance software and document management business application.
The insurance software of Skywire Software helps out insurers in maintaining the life cycle of an insurance policy which includes insurance policy creation, rating, insurance agent/broker management and information exchange solutions.
According to Charles Phillips, the Oracle President:
Insurance is a strategic industry for Oracle with growth focused on integrated packaged applications. 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 is likely to speed up its development of the most complete software suite for the insurance enterprise with Skywire Software and the awaiting acquisition of AdminServer. The suite will include Oracle’s database and middleware for technical infrastructure, Oracle applications to support general business, insurance particular functionality in Oracle Billing, Siebel Claims, Siebel CRM and Insure3, in addition with Skywire Software and AdminServer to further maintain insurance policy life cycle management.
According to Oracle Vice President, Frank Radichel:
Skywire Software’s customer communications management capabilities will add considerable value to Oracle’s Enterprise Content Management Solutions.
The functionality will enable customers across industries to deliver marketing and customer communications consistently across multiple mediums, including email, print, web and mobile
Employees and management of Skywire Software are supposed to join together the Oracle Insurance Global Business Unit with the acquisition of AdminServer awaiting.
Current customers of Skywire Software which are 1450, will add up with the amount of Oracle’s current insurers which are over 1000.
On the other hand Patrick Brandt, Skywire Software President and CEO said:
Insurers look to software to speed policy implementation, accelerate new business acquisition, reduce costs and manage regulatory risk.
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.
This acquisition will enlarge Oracle’s Enterprise Content Management solution with customer communication management and document automation capabilities which will let Oracle provide an end to end, multi channel content capability across different industries comprising financial services, legal and utilities.
So far the financial details of the transaction have not been disclosed. The transaction is said to close in the second half of the current year and until it happens, both the companies will carry on operating independently.
