As more than 42,000 people attend Oracle's (NASDAQ:ORCL) megaconference, OpenWorld, the company has kicked things off with an acquisition: A $219 million deal for telecom services provider MetaSolv (NASDAQ:MSLV). On the news, MetaSolv surged 20.78% to $4.01. The deal is further evidence of Oracle's major ambitions for the telecom space.

Founded in 1992, MetaSolv has built a suite of software tools that help communications service providers (CSGs) like Sprint-Nextel (NYSE:S) and Verizon (NYSE:VZ) automate their support systems. Among other features, it provides inventory management, service activation, and network provisioning for a myriad of services, including wireless, digital subscriber line (DSL), voice over IP (VoIP), and Internet protocol television (IPTV).

When the telecom industry went into a tailspin in 2002, MetaSolv was particularly savvy, purchasing software assets and key customers from Nortel Networks (NYSE:NT). Another critical acquisition came in 2003, when its transaction for Orchestream Holdings gave it key customer pick-ups such as AT&T (NYSE:T) and Vodafone (NYSE:VOD).

The global marketplace for CSGs is intensely competitive, and these companies are adding new services to find growth. This means increased complexity, which in turn requires the kinds of services that MetaSolv provides, to ensure faster-time-to-market and lower upfront costs.

But for small company like MetaSolv, acquisitions are not easy. Often, bigger players move in to take the deal. Getting customers can also be a very slow process.

For proof, check out MetaSolv's financials. In the second quarter, revenues increased by only 8% to $25.4 million. Net income was $649,000, or $0.01 per share, up from a net loss of $663,000, or $0.02 per share, in the year-ago period.

Joining forces with Oracle should solve MetaSolv's problems. The company has a global sales force, and it's also spent the past year beefing up its telecom business, as seen in its purchase of Portal Software for $220 million. Telecom is a big customer segment for Oracle's database business. With stronger telecom applications, Oracle can squeeze more revenues from its base.

Oracle's strategy is starting to jell, as it stitches together a suite of technologies and -- just as critically -- assembles a top-notch team of telecom veterans. Given the growth prospects in emerging markets like India and China, Oracle is certainly positioning itself for a multibillion-dollar market opportunity.

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Fool contributor Tom Taulli does not own shares of companies mentioned in this article.