On March 1, Oracle has announced our plan to buy Hyperion, a leading provider of performance management software. The transaction extends Oracle's business intelligence capabilities to offer the most comprehensive system for enterprise performance management. We expect the transaction to close in April 2007, subject to regulatory and other approvals. Until the deal closes, each company will continue to operate independently, and it is business as usual.
A year ago, Oracle significantly reoriented our business intelligence product suite, shifting our focus from offering a solution that works for Oracle-only environments towards offering a best-of-breed business intelligence product family that will work with heterogeneous information sources in an enterprise, both Oracle and non-Oracle. We introduced a new product family called Oracle Business Intelligence Enterprise Edition. This integrated suite includes Business Intelligence Tools, Oracle Business Intelligence Applications, and Oracle Data Integrator.
The acquisition of Hyperion extends our business intelligence product strategy. Customers are increasingly using performance management and business intelligence together. Hyperion provides best-in-class performance management software to over 12,000 customers worldwide, including 91 of the Fortune 100. Hyperion will add complementary products to Oracle's business intelligence offerings including a leading open enterprise planning system, financial consolidation products, and a powerful multi-source OLAP server. Coupled with Oracle's BI tools and pre-packaged analytic applications, the combination redefines business intelligence and performance management by providing the first integrated, end-to-end Enterprise Performance Management System that spans planning, consolidation, operational analytic applications, BI tools, reporting, and data integration, all on a unified BI platform.
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