Oracle Corporation (NYSE:ORCL) is continuing its march into the "cloud." On Tuesday, the computer database company announced that it has agreed to buy Corente, a leading provider of software-defined networking (SDN) technology for wide area networks (WANs), for an undisclosed sum.
As Oracle explained in a statement on the purchase, Corente's software "accelerates deployment of cloud-based applications and services by allowing customers to provision and manage global private networks connecting to any site, in a secure, centralized and simple manner."
Corente does this by managing the distribution of software applications over networks. Oracle says that it is buying the company in order to marry its own technology portfolio with Corente's expertise in delivering these products to customers via the cloud.
In a letter to the company's customers and partners, Oracle Chief Corporate Architect Edward Screven said Corente deployments have " "dramatically decreased time to deployment of cloud-based applications and services, and increased security and manageability across the enterprise ecosystem."
Oracle shares rose 0.5% in Tuesday morning trading.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool owns shares of Oracle.. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Is Oracle Losing Its Mojo?
After a report surfaced of Oracle potentially losing two key customers, investors have to wonder if the software company's competitive advantages are still intact.
Why Oracle Is Plowing $1.2 Billion Into This Australian Cloud Company
The software company continues to build up its construction and engineering cloud business.
Should You Buy Oracle After (Another) Post-Earnings Dip?
Did investors overreact to Oracle’s soft guidance?