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IATI - Israel Advanced Technology Industries
IATI - Israel Advanced Technology Industries
IATI News & Events Daily Industry News Oracle acquires Israeli co Ravello Systems for $500m

Oracle acquires Israeli co Ravello Systems for $500m

Feb. 23, 2016

US software giant Oracle Corp. has acquired Israeli cloud software company Ravello Systems for $500 million.

Based in Ra'anana, Ravello Systems has raised $54 million to date from venture capital funds. NVP and Sequoia each hold a 25% stake in the company. The company, founded in 2011 by CEO Rami Tamir and chairman and president Benny Schnaider, has 70 employees in Israel and the US. This was the fourth company that Tamir and Schnaider have founded. In September 2008, they sold Qumranet Inc. to Red Hat Inc. (NYSE: RHT) for $107 million.

Shortly after founding the company, Tamir said, "Ravello will join in Oracle’s IaaS 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."

Several months ago Ravello was chosen as one of "Business Insider's" 27 hottest startups.

For the full Globes news item click here

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