Oracle buys cloud-based SaaS vendor Opower for $532 million

With this deal, the enterprise software giant has now spent roughly $1.2 billion in three business days on cloud acquisitions.

Oracle said Monday it plans to acquire software-as-a-service company Opower for approximately $532 million.

With this deal, the enterprise software giant has now spent roughly $1.2 billion in three (business) days on cloud acquisitions. On Thursday Oracle bought Textura, providers of contract and payment cloud services for the construction industry, in a deal valued at $663 million.

As for Opower, the publicly held company primarily sells customer engagement and energy efficiency cloud services to utilities.

Its platform uses big data analytics to comb through meter reads to help companies cut costs, engage with customers and meet regulatory requirements. Opower's current clientel includes PG&E, Exelon, Pepco and National Grid.

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Naturally, Oracle wants to use Opower to create a more robust cloud portfolio for utility vendors. Opower will become part of the Oracle Utilities division.

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Arlington, Virginia-based Opower recently laid off 7.5 percent of its global workforce in what the company's communications VP Matt Maurer said was "part of an effort to cut back on our overall spend in sales and marketing and R&D." The company reported a loss of $13.6 million in its fourth quarter.

As for Oracle, the company has been on a cloud acquisition tear so far in 2016. Beyond Textura, Oracle also recently acquired AddThis to round out its data cloud, followed by virtualization firm Ravello Systems.

Images via Oracle.