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Oracle Buys Ellison-Owned PillarPOSTED July 2, 2011 REDWOOD SHORES -- Oracle announced that it has agreed to acquire Pillar Data Systems, a startup owned by its own CEO Larry Ellison. No amount was provided by Oracle for the acquisition but an SEC filing shows Ellison has invested $544 million in Pillar over the past decade. Pillar Data Systems is a leading provider of innovative and highly scalable SAN Block I/O storage systems. The combination is expected to help Oracle deliver a complete line of storage products that runs Oracle software faster and more efficiently. Pillar Data Systems is a privately-held company based in San Jose and serves nearly 600 customers across 24 countries. Although Pillar Data Systems is majority owned by Ellison, the evaluation and negotiation of the transaction by Oracle was led by an independent committee of Oracle's Board of Directors according to the company. The transaction is structured as a 100% earn-out with no up-front payment. Oracle does not expect that the amount of the earn-out or its potential impact will be material to Oracle's results of operations or financial position. The transaction is subject to customary closing conditions and is expected to close in July 2011. Pillar has 325 employees and was founded in July 2001. It was funded by Tako Ventures, the venture arm of Larry Ellison. © Copyright SVDaily.com |
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