Software company Oracle Corp (ORCL.O) has agreed to purchase Pillar Data Systems, a privately held storage technology company that is majority owned by Oracle's own chief executive officer, Larry Ellison. The transaction does not involve any upfront payment, but is structured as a "100 percent earn-out" deal, according to Oracle, which said it did not see the earn-out being material to its financial position.An independent committee of Oracle's board led the evaluation and negotiation of the deal. The company expects to use Pillar Data Systems' technology to help run Oracle software faster and more efficiently, it said. It sees the deal closing in July, subject to customary closing conditions which it did not elaborate on.
Oracle Corporation is an enterprise software company. Shares of ORCL remained unchanged at $32.34. In the past year, the shares have traded as low as $21.24 and as high as $36.50. On average, 27994300 shares of ORCL exchange hands on a given day and today's volume is recorded at 5457.
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