Oracle to buy social media analytics company Collective Intellect

According to reports, Oracle plans to purchase social media analytics company Collective Intellect.

American corporation Oracle, that specializes in computing hardware and database management systems for enterprises, will be buying Collective Intellect, according to reports. 

Collective Intellect is a company that assists businesses in gaining information and consumer analytics from social networks -- in particular, Facebook and Twitter pages. Private and public data can be monitored through its software in order to monitor consumer intentions, preferences and patterns.

The announcement has been made a day after Oracle's rival, Salesforce, agreed to buy Buddy Media -- a company that runs social media branding and campaigns for social networks -- for approximately $689 million in cash and shares.

According to Reuters, the specific terms of the deal have not been disclosed.

Collective Intellect develops and uses Internet-based text mining and analytics to help businesses understand, collate and process information on consumer behavior, patterns and content available online.

Last month, Oracle announced its plans to purchase Vitrue, a cloud-based social marketing platform. The price has not been officially confirmed, but reports have suggested that the deal has been sealed for $300 million.