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Oracle To Buy Corente To Expand Cloud Services

Wed, 01/08/2014 - 8:52am

Oracle Corp. said Tuesday that it has agreed to buy networking technology maker Corente to expand its cloud-computing services.

Oracle, which makes business software, did not disclose any financial details of the deal. It also did not say when it expects the acquisition of the Bernardsville, N.J., company to close.

Oracle has been expanding its cloud business. Cloud computing lets businesses save software over the Internet rather than having it installed and maintained on their networks. Last month, Oracle said it was buying cloud-based business-to-consumer marketing software company Responsys for about $1.39 billion.

Shares of Redwood City, Calif.-based Oracle rose 32 cents to $37.79 in afternoon trading Tuesday.

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