Software giant Oracle has agreed to buy cloud-based project portfolio software vendor Instantis, as it pushes ahead with its plans to create the "most comprehensive cloud on the planet."
The terms of the acquisition have not been disclosed, but Oracle anticipates the deal will close by the end of the year.
Santa Clara-based Instantis was set up in 1999 and its flagship product, EnterpriseTrack, allows companies to centrally manage business and IT projects using a web-based platform called FlexSaaS.
Oracle said it plans to merge Instantis' technology with its own project portfolio offerings, Primavera and Fusion.
The vendor has also confirmed that it expects all of Instantis' employees to join the Oracle Primavera Global Business Unit once the deal closes.
"Instantis' employees will bring additional industry, product, and services knowledge and expertise and are part of Oracle's plans to continue to grow the Oracle Primavera business," said Oracle in a statement.
In a letter to customers, announcing the acquisition, Mike Sicilia, senior vice president and general manager of Oracle Primavera, said: "By combining Instantis with leading capabilities from Oracle's Primavera and Fusion Applications, Oracle expects to provide the most comprehensive set of cloud-based and on-premise enterprise project portfolio management solutions."
Prasad Raje, chief executive and founder of Instantis, said he was looking forward to joining the Oracle family.
"Oracle's acquisition of Instantis represents a strong endorsement of the EnterpriseTrack cloud-based technology and the value customers have achieved with our solutions," he added.
News of the acquisition follows on from Oracle CEO Larry Ellison revealing last month that his firm was banking on cloud, rather than acquisitions, for its future growth.
Oracle had, up until recently, been considered a cloud naysayer, in the wake of comments made by Ellison in 2008, describing the technology as a "fad".
However, back in June, Oracle set out plans to build "the most comprehensive cloud on the planet", with Ellison claiming the firm had decided seven years ago to re-engineer all of its applications for the cloud."
