Oracle today announced a new acquisition. This time to expand both the type of data it can deliver to customers, but also to expand its options around artificial intelligence. Oracle takes over the startup DataFox.
DataFox has a large customer base: it currently serves 2.8 million public and private enterprises. In addition, it is expected to grow by 1.2 million customers this year. The company uses artificial intelligence to provide larger business forecasts. The results it achieves can be used for CRM-related services. Think of prioritizing sales accounts, finding good products and so on.
AI-driven data solutions
Steve Miranda, EVP of application development at Oracle, states that the combination of Oracle and DataFox will complement the Oracle Cloud Application. That with a set of AI-driven data solutions. This allows customers to make even better decisions and achieve business results, Miranda says.
DataFox will thus be added to Oracle’s already existing portfolio for business planning services, including ERP, CX, HCM and SCM. Together, Oracle and DataFox will enrich cloud applications with AI-driven business data. The techniques serve as a basis for recommendations to companies to improve their performance.
How much money?
The amount of money involved in the takeover is not known. DataFox was founded in 2014 and raised just under $19 million in investment rounds. According to the PitchBook site, in January 2017 it was worth 33 million dollars. Slack, GV, Howard Linzon and Goldman Sachs, among others, have invested in it.
For the time being, the ordinary service will continue to exist if it is now in progress. At a time to be determined, the entire system will be housed under the Oracle umbrella.This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.