Arlington-based Opower (OPWR) will be acquired for $532 million cash by tech giant Oracle. The announcement sent Opower shares skyrocketing up by almost a third in value ahead of Monday trading and the company's stock is trading at $10.33 per share as of this writing. Oracle is paying $10.30 a share in cash, about 30 percent over the trading price on Friday, with a completed deal expected later this year.
Opower offers energy efficiency cloud-based software to the utility industry. It's saved almost 10 terawatt-hours of energy for its clients in its lifetime, registering more than 500 billion smart meter readings, nearly two-thirds of all such data in existence. Combined with Opower, Oracle will become the single largest such service in the world according to Oracle.
We'll add to this post as we learn more.
