Tech giant Oracle have acquired AI solutions facilitator DataFox to provide enterprises with updated information available on public and private businesses. With this deal, Oracle will enable their enterprise customers to reach better decisions and business outcomes by leveraging DataFox’s sophisticated AI-driven prowess.
According to Oracle, enterprises need an up-to-date view of customer accounts and organizations that are hosted on cloud environments. They say that this information allows enterprises to take business performance to a whole new level by pulling out the most current and updated information available on public and private businesses.
By acquiring DataFox, Oracle claim that they will gain access to this information by automatically locating it via the former’s AI solutions and applications. They believe that this solution/platform will be used by Oracle’s clients as an account management and lead generation tool in a bid to maintain customer relationships.
Explaining this acquisition, Steve Miranda, Executive Vice President, Applications Development at Oracle, commented:
Oracle’s portfolio of cloud applications, including ERP, CX, HCM and SCM, and trusted third-party consumer data enable customers to reimagine their business with a complete, secure and connected cloud suite.
Together, Oracle and DataFox will enrich cloud applications with AI-driven company-level data, powering recommendations to elevate business performance across the enterprise.
Oracle say that DataFox’s engine currently manages the information of over 2.8 million companies, with 1.2 million being added on an annual basis. They further added that by embedding AI and machine learning capabilities across their SaaS and PaaS solutions, which include big data, analytics and security operations, Oracle will enable digital transformation for some of their traditional customers.
The tech giant says that large enterprises like Goldman Sachs, Bain & Company and Twilio utilize DataFox’s insightful data to prioritize accounts and generate leads. In closing, Oracle said that they are excited with this move and are looking to further their AI prowess after this move, following the alliance with NVIDIA to accelerate cloud analytics.
The financial terms of the deal were not disclosed.