Another acquisition by software giant Oracle Corporation (Nasdaq: ORCL) is not in itself particularly exciting, but the acquisition of an Israeli company is something rare. Last night, Oracle reported that it had acquired HyperRoll Inc., which develops what are known as financial reporting acceleration solutions, that is software that enables an enterprise to gather data for financial reporting faster and thus produce financial statements in a shorter time. Oracle did not disclose financial details of the transaction, which is expected to close in the next few months.
HyperRoll was founded in 2000. It has its corporate headquarters in Mountain View, California, and its development center in Omer. Its field is business intelligence (BI), more specifically data warehouse performance acceleration software. The company has developed algorithms that produce analytical summaries from databases. According to IVC, some $42 million have been invested in the company, the main shareholders being Greylock Greylock Partners, Sequoia Capital, and Bessemer Venture Partners, together with Vertex Venture Capital, Exseed, Lighthouse Capital, Denali Ventures, and Eitan Wertheimer's Microdent Ventures. In addition, Hyperion Solutions Corporation (acquired by Oracle in 2007) made a strategic investment in HyperRoll in 2006.
In its announcement, Oracle said that HyperRoll's employees would transfer to it.
Oracle Product Development senior vice president Robert Gersten said, “Oracle Enterprise Performance Management already enables rapid, accurate, and secure financial consolidation and reporting. With the addition of HyperRoll’s reporting acceleration technology, customers are expected to be able to execute a faster and more compliant financial close.”
Published by Globes [online], Israel business news - www.globes.co.il - on September 30, 2009
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