Updated from 5:25 p.m. EST

Oracle ( ORCL - Get Report) has fed its buying binge again, agreeing to buy Stellent ( STEL, a maker of business software, in a cash tender offer for $13.50 a share, or about $440 million.

Stellent produces enterprise content-management software which allows companies to manage data across a variety of applications.

"The amount of electronic content, unstructured data, and documents is growing very rapidly, and organizations are seeking advanced and automated content- and process-management solutions to manage this information to meet regulatory requirements," said Oracle Senior Vice President Thomas Kurian. "Stellent's enterprise content-management solutions enable a variety of people within an organization to create, capture, store, manage, publish, view, search and archive all types of documents across their entire lifecycle."

The transaction is subject to customary conditions and is expected to close by the end of the year or early 2007.

Shares of Oracle closed Thursday off 1.1% to $18.27. Stellent shares jumped more than 25% in after-hours trading to $13.35.