Oracle Drops $300M On Social Platform Vitrue
Oracle announced the acquisition of social marketing platform Vitrue. Financial terms of the deal were not disclosed, but sources tell TechCrunch that it cost the software giant $300 million. “As if Oracle didn’t offer enough products and services already, the acquisition will give it a strong Facebook marketing platform to offer its enterprise clients.” A bona fide business, Vitrue was on course for revenues of nearly $100 million this year, sources tell TechCrunch.
Vitrue is reportedly “nearly profitable” and was projected to reach profitability in this fiscal year. Along with Facebook, Vitrue helps marketers manage their brands on Twitter, YouTube, Pinterest, Instagram, and other social platforms. The company is also recognized for its ability to rapidly integrate with new partners, including Klout.
Also of note, Reggie Bradford, Vitrue CEO, is expected stay on, and continue to play a key role at what will now be one of many Oracle business units.