WASHINGTON 鈥� Software giant Oracle Corp. will acquire Arlington-based Opower Inc. for $532 million.
The acquisition price is $10.30 per share, a 30 percent premium over Opower’s market value, based on its stock price before Monday trading began.
Opower makes software used by utilities to help customers reduce their energy consumption. It has more than 100 utility customers, including PG&E, Exelon and National Grid.
Opower says its cloud-based data platform stores and analyzes more than 600 billion meter reads from 60 million utility customers.
“Utilities want modern technology solutions that work together to meet their evolving customer, operation and compliance needs,” said Oracle Senior Vice President Rodger Smith.
“Together, Oracle Utilities and Opower will be the largest provider of mission-critical cloud services to utilities.”
Opower’s board of directors has already approved the acquisition. The deal still needs shareholder approval but is expected to close later this year.
Opower was founded in 2007 and went public in 2014. It has about 600 employees company wide.
