The American software giant Oracle has agreed to buy the Israeli cloud software company Ravello Systems, the two firms announced Tuesday.

Oracle will reportedly acquire Ravello for about $500 million, but Ravello and Oracle officials have not yet confirmed the purchase price.

“Upon closing of the transaction, our team will join the Oracle Public Cloud (OPC) organization and our products will become part of Oracle Cloud. We believe this agreement will accelerate our ability to reach more customers, deliver more value, and enhance our technology at an accelerated pace in order to better serve you,” Ravello co-founder and CEO Rami Tamir wrote in a blog post on the company’s website.

“Ravello will join in Oracle’s IaaS (Infrastructure as a Service) mission to allow customers to run any type of workload in the cloud, accelerating Oracle’s ability to help customers quickly and simply move complex applications to the cloud without costly and time-consuming application rewrites,” Tamir added.

Ravello, founded in 2011, has 70 employees in Israel and the U.S. Those employees will soon join the Oracle Public Cloud group.

By: JNS.org