However, the financial details regarding the acquisition were not revealed. The move is expected to boost the type of data that it can offer to its enterprise customers and its AI capabilities.
Established back in 2013, DataFox is a startup that has managed to amass a massive company database, which covers about 2.8 million private and public enterprises, adding 1.2 million per year.
The company utilizes artificial intelligence in analyzing that database in a bid to make more business predictions.
The intelligence obtained from carrying out such an undertaking can then be applied to a wide array of CRM-based services including finding leads, prioritizing sales accounts, and so on.
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DataFox customers consist of Twilio, Bain & Company and Goldman Sachs; utilize the platform for lead generation, account management and to ensure that customer-relationship management solutions remain updated.
Some of the previous investors in the startup include Green Visor Capital, StartX and Goldman Sachs.
“The combination of Oracle and DataFoxwill enhance Oracle Cloud Applications with an extensive set of AI-derived company-level data and signals, enabling customers to reach even better decisions and business outcomes,” noted Steve Miranda, Oracle’s EVP of applications development, in a statement to DataFox clients while announcing the acquisition.
He claimed that DataFox would sit among the existing portfolio of Oracle ’s business planning services such as SCM, HCM, CX, and ERP. “Together, Oracle and DataFox will enrich cloud applications with AI-driven company-level data, powering recommendations to elevate business performance across the enterprise.”
Conditions of the acquisition deal do not seem to have been disclosed, even though we are still trying to find out. DataFox was launched as one of the contestants in the in the TC Battlefield at Disrupt.
In January 2017, the company had fundraised slightly below $19 million with a valuation of $33 million. Also, according to reports from PitchBook, investors in the startup consisted of Goldman Sachs, Howard Linzon, GV and Slack, just to mention a few of them.
The acquisition is fascination due to several reasons. For starters, it indicates that bigger platform providers are currently seeking additional AI-powered tools to deliver a highly complicated level of service to clients.
Secondly, it shows how content stays as a convincing proposition when it is presented and able to be altered for defined ends.
Numerous client databases can not only get old but also obsolete. Hence, the idea behind regularly trawling information sources in a bid to come up with the most accurate business records.
It also indicates that, even though both entities have grown quite significantly, Oracle is still in fierce competition with Salesforce, primarily for clients and hoping to keep and woo more of them with integrated innovations.
This also points to Oracle up and cross-selling individuals who come to them through DataFox, which acts as a SaaS that seems to be pitching itself a lot like something that anybody can subscribe to online.