On October 24, 2011, Oracle announced it has entered into an agreement to acquire RightNow Technologies, a cloud-based customer service provider, for $43 per share or approximately $1.5 billion net of RightNow’s cash and debt. The acquisition marks the first time Oracle has purchased a provider of SaaS solutions. In a press release, Oracle said that RightNow’s Customer Service Cloud helps organizations deliver exceptional customer experiences across call centers, the web and social networks. Together, Oracle and RightNow can enable a superior customer experience at every contact and across every channel.."Oracle is moving aggressively to offer customers a full range of cloud solutions, including sales force automation, human resources, talent management, social networking, databases and Java as part of the Oracle Public Cloud," said Thomas Kurian, EVP for Oracle Development. "RightNow's leading customer service cloud is a very important addition to Oracle's Public Cloud." The transaction is subject to RightNow stockholder approval, regulatory approvals and customary closing conditions and is expected to close by early 2012, according to the press release.