Oracle buys Frisco-based Skywire Software

California-based software behemoth Oracle said Monday that it has purchased Frisco's Skywire Software LLC, a provider of document management software primarily for the insurance industry.

Skywire was purchased for an undisclosed sum, according to information found on its Web site. The acquisition, which is expected to close during the second half of 2008, does not include Skywire's iWave IT automation software or its business process outsourcing unit.

Founded in 2000, Skywire has since expanded and purchased 10 other businesses. It employs 630 people, 200 of which are in the Dallas area. Although Skywire's current managers and workers are expected to join Oracle's staff, the companies have not yet disclosed whether those employees will remain at their current locations or move to existing Oracle offices, which include a Dallas office.

With the purchase of Skywire Software, Oracle's offerings will include customer communication management and document automation capabilities for multiple industries including financial services, legal and utilities.

"Insurers look to software to speed policy implementation, accelerate new business acquisition, reduce costs and manage regulatory risk," said Skywire Software President and CEO Patrick Brandt. "The combination of Skywire Software's best-in-class insurance and document automation software applications with Oracle's solutions will drive innovation and leadership to ensure our customers' continued success."

Source: www.oracle.com, www.skywiresoftware.com