Updated from 10:14 AM EDT
NEW YORK (TheStreet) -- Opower (OPWR) stock is advancing 30.13% to $10.28 on heavy trading volume Monday afternoon after the cloud-based software company agreed to be acquired by Oracle (ORCL), an enterprise software provider, in a transaction valued at $532 million.
Oracle stock is up 1.13% to $40.31 this afternoon.
Opower offers digital services to global utilities companies, such as PG&E (PCG), Exelon (EXC) and National Grid (NGG).
"The combination will provide the industry with the most modern, complete cloud applications for the entire utility value chain, from meter to grid to end-customers," Opower CEO Dan Yates said in a statement.
The combined company will become the "largest provider of mission-critical cloud services to utilities," Oracle Utilities SVP Rodger Smith added in the statement.
TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUScharitable trust portfolio, had this to say about the deal: "Oracle really recognizes that the cloud is moving so fast and they are bulking up on the cloud... This is just another really smart acquisition." (See video, above.)
Oracle will pay $10.30 per share in cash for each Opower share as part of the transaction, which is expected to close this year.
So far today, 17.3 million shares of Arlington, VA-based Opower have been traded, significantly higher than its average daily volume of 215,179 shares.