Oracle cuts 2,000 jobs as part of Siebel acquisition

Database giants Oracle have revealed that they are cutting around 2000 jobs as part of their deal to acquire their rivals Siebel Systems. The company also issued a profit outlook for the remainder of the year, which matches the market expectations.

The market analysts are surprised by the company’s decision to raise its outlook for license revenue for the third quarter. Oracle Chief Executive Larry Ellison added that the company is benefiting from a smooth integration with PeopleSoft and improved demand for Oracle’s Fusion package.

Ellison said in a statement: “There were some uncertainties as to what we were going to do with our applications business after we bought PeopleSoft, and I think those questions have been answered. Both the applications business and the technology business look very strong for Q3.”

Oracle has been on an acquisition spree since the last year or so. They have spent around $19 billion buying up rivals to grab a bigger share of the market for software solutions and services. It looks like the time they would start exploring the possibilities they have with all their new investments.

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