Oracle Signs Technology Pact With Citigroup
Oracle
(ORCL) - Get Oracle Corporation Report
signed an agreement with
Citigroup
(C) - Get Citigroup Inc. Report
to integrate the companies' technologies and services.
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Shares of Oracle were recently higher by 11.9%, or $2.94, to $27.69 in
Nasdaq
trading, while Citigroup gained 1.7%, or 88 cents, to $51.38 on the
New York Stock Exchange
.
Financial services giant Citigroup will integrate Citibank's payment and settlement capabilities into Oracle's market exchange. Citigroup will also transact internal spending through Oracle's open marketplace OracleExchange.com, implement the software maker's Internet procurement system worldwide and market OracleExchange.com services to its corporate client base.
Citigroup will also embed its financial services into Oracle technology, including OracleExchange.com, using Citibank's CitiConnect integrated financial system that allows business-to-business participants to initiate settlement for goods and services online, at the time of the transaction.
