Tech

Oracle acquires medical records company Cerner

A sign is posted in front of Oracle headquarters on December 9, 2021 in Redwood Shores, California.

Justin Sullivan | beautiful pictures

Enterprise software giant Oracle will buy electronic medical records company Attestor in an all-cash transaction at $95 per share, or about $28.3 billion in equity value.

The deal, scheduled to close in 2022, could help Oracle strengthen its presence in the healthcare space by bringing a range of health data to its cloud services.

Oracle stock fell more than 2% Monday morning after company announced agree. Shares initially fell 6% on Friday after The Wall Street Journal first reported Oracle will buy Cerner.

The massive acquisition is the biggest ever for Oracle, one of the largest software vendors. The company, founded in 1977, had a market capitalization of about $264 billion as of early Monday morning.

It comes amid increasing global mergers and acquisitions activity. M&A hits $5 trillion for the first time in 2021, led by tech and healthcare, according to a report quoted by Reuters.

Oracle says the acquisition will immediately accrue to the company’s earnings on a non-GAAP basis for the first full fiscal year after it ends. It expects Cerner to be “a huge driver of additional revenue growth for years to come,” it added.

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https://www.cnbc.com/2021/12/20/oracle-to-buy-medical-records-company-cerner.html Oracle acquires medical records company Cerner

Sarah Ridley

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