Oracle wins battle to acquire Retek

Oracle has won the battle against SAP to acquire retail business software company Retek.

Oracle has won the battle against SAP to acquire retail business software company Retek.

Oracle’s second offer for the company has been accepted by the Retek board and SAP has pulled out of the race.

Oracle will pay around £361m for Retek after having its $11.25 (£6.25) a share offer accepted by the Retek board. SAP’s second and last offer stood at $11.

"Oracle has the largest applications business in North America, and we intend to expand that leadership position," said Oracle chief executive officer Larry Ellison.

"Combining Oracle with Retek is an important step in that direction, and it strengthens our position in the retail applications market globally."

Headquartered in Minneapolis, Retek provides an integrated retail application suite to more than 200 customers in more than 20 countries around the world.

"Most Retek customers already run Oracle's financial and human resources applications, so Oracle buying Retek is a perfect fit for the retail industry," said Retek customer and Best Buy chief information officer Bob Willet.

"We believe that Oracle's offer is a good deal for Retek shareholders, and all directors in attendance at our board meeting have recommended that it be accepted," said Marty Leestma, Retek chief executive officer of Retek.

"We will work with Oracle over the next several weeks to ensure that the integration is not disruptive for our clients and employees," he said.

Oracle said nearly 80% of Retek customers run their Retek applications on Oracle databases.

There was no statement from SAP on pulling out of the deal.

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