Oracle: We're hiring

By Ben Rooney, staff reporter


NEW YORK (CNNMoney.com) -- Oracle Corp. will hire 2,000 sales and engineering employees as the business software maker looks to expand into the hardware business, according to a report published Wednesday.

Larry Ellison, Oracle's chief executive, told the Wall Street Journal that the new hires will outnumber the job cuts the company is making as part of its acquisition of computer maker Sun Microsystems.

Oracle said Wednesday that it had completed its $7.4 billion acquisition of Sun, which had been held up since April by European antitrust regulators.

The deal raised concerns in Europe that Sun's MySQL open-source database could compete with some of Oracle's products.

"Combination of the local entities worldwide will proceed in accordance with local laws," Oracle said in a brief press release.

The acquisition, Oracle's 52nd since 2005, could make the company a major player in the hardware market, which is dominated by IBM (IBM, Fortune 500). Oracle, which has sold software exclusively since it was founded in 1997, is reportedly interested in expanding into the server systems business.

"Unlike Oracle's other acquisitions, Sun Microsystems transforms Oracle from a software company to a systems company," Patrick Walravens, an analyst at JPM securities, wrote in a research note. "Given the risks inherent in such a transformation, we remain on the sidelines for the time being."

Oracle (ORCL, Fortune 500) is expected to provide additional details on the deal later Wednesday during an all-day event at its headquarters in Redwood Shores, California. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,122.01 15.31 0.09%
Nasdaq 4,569.62 -1.02 -0.02%
S&P 500 2,000.12 0.10 0.00%
Treasuries 2.36 -0.03 -1.25%
Data as of 7:27pm ET
Company Price Change % Change
Bank of America Corp... 16.20 -0.13 -0.80%
Apple Inc 102.13 1.24 1.23%
Facebook Inc 74.63 -1.33 -1.75%
Yahoo! Inc 38.18 0.39 1.03%
Pfizer Inc 29.49 0.28 0.96%
Data as of 4:02pm ET

Sections

As Elon Musk cancels the latest launch of a SpaceX rocket, he's also got some "horrible nightmares" to contend with. More

Former Fed chief Ben Bernanke believes the 2008 financial crisis was the worst in global history, topping even the Great Depression. More

Tech fans are already excited about the launch of Apple's iPhone 6 next month. There's now a report suggesting that the iWatch could be coming too. Wall Street is pleased. More

Utah State professor Michael Glauser cycled 4,000 miles this summer, visiting 100 entrepreneurs across the country. Here's a snapshot of how they grew their businesses. More

Five CNNMoney readers share stories about saving that you can learn from: What they would do differently if they had another chance. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.