Oracle (ORCL) to Acquire Ellison-Owned Pillar Data

Oracle (Nasdaq: ORCL) has entered into an agreement for the acquisition of Pillar Data Systems

Pillar Data Systems is majority owned by Oracle CEO Larry Ellison. The evaluation and negotiation of the transaction was led by an independent committee of Oracle's Board of Directors. The transaction is structured as a 100% earn-out with no up-front payment. Oracle does not expect that the amount of the earn-out or its potential impact will be material to Oracle's results of operations or financial position. The transaction is subject to customary closing conditions and is expected to close in July 2011.

Pillar is a leading provider of innovative and highly scalable SAN Block I/O storage systems that provide exceptional performance scaling characteristics with patented Quality of Service.

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