NEW YORK (AP) — Oracle is paying $1.9 billion for Taleo Corp., a company that helps businesses manage their employees.
The planned purchase of Taleo extends Oracle's offerings in the growing arena of cloud-based computing. With such an approach, businesses don't run software and services in-house, but rather send those tasks to remote locations operated by companies such as Oracle and IBM Corp.
Taleo, based in California, makes human-resources software that runs on the cloud.
Oracle is paying $46 a share for Taleo stock. That is 18 percent above Wednesday's closing price of $38.94.
Taleo's stock rose 18 percent to $45.85 in pre-marking trading. Oracle's gained 9 cents to $28.82.