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Oracle will see its Cloud ERP (enterprise resource planning) business to reach about $20 billion in five years, its co-founder and chief technology officer (CTO) Larry Ellison has said.
Currently, the Cloud major has 8,500 Fusion ERP customers with revenue growing 35 per cent. It has an additional 28,400 NetSuite ERP customers with revenue growing 29 per cdnt. "The overall cloud ERP business currently brings in around $5 billion for Oracle," Ellison said during the company's earnings call late on Thursday. Of the 8,500 customers using Fusion ERP, only about 1,000 moved from Oracle's on-premise product -- the remaining 7,500 were completely new customers. "Whether it's a small company like Infor or a large company like SAP or a variety of other companies, the vast majority of our cloud ERP customers are not coming from our installed base, they are coming from someone else's installed base," Ellison informed. "All our apps run on smartphones, tablets, desktops. Every single app has a voice interface. This is what I mean by a true Cloud product. We deliver a new version of Oracle Cloud ERP to 100 per cent of our customers, all 8,500 customers for Fusion every three months. They get a new version with hundreds or even thousands of new features," the Oracle CTO emphasised. Oracle on Thursday published its second quarter financial results, beating market expectations. Total quarterly revenues were up 6 per cent year-over-year to $10.4 billion. "These strong results are being driven by the 22 per cent growth of our infrastructure and applications cloud businesses which are approaching $11 billion in annualised revenue," CEO Safra Catz said in a statement. Oracle's total cloud revenue, comprising the infrastructure and applications cloud businesses, was $2.7 billion for the quarter. --IANS na/ ( 308 Words) 2021-12-10-11:10:12 (IANS)
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