Oracle is paying an 18.1% premium to yesterday's closing price of $38.94 for the human capital management (HCM) company. Taleo builds human resource software to help companies in areas such as talent management, recruitment, and monitoring employee performance.
|Oracle CEO Larry Ellison|
"Human capital management has become a strategic initiative for organizations," said Thomas Kurian, Executive Vice President, Oracle Development in the company press release. "Taleo's industry leading talent management cloud is an important addition to the Oracle Public Cloud."Michael Gregoire, Chairman and CEO of Taleo said, "Joining forces with Oracle gives us the opportunity to better serve our customers." Prior to the acquisition, shares of Taleo had gained 0.65% year-to-date, compared to a 12% gain in Oracle shares. Taleo shares are up $6.78, or 17.41%, to $45.72 in pre-market trading. Shares of Oracle are up 9 cents, or 0.31%, to $28.82. Interested in more on Taleo? See TheStreet Ratings' report card for this stock. Check out our new tech blog, Tech Trends. -- Written by Chris Ciaccia in New York >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: email@example.com