Database and applications software giant Oracle Corp. and international banking group Citigroup Inc. Tuesday announced a strategic electronic business agreement that spans several divisions of both companies.
Oracle Chairman and Chief Executive Officer Larry Ellison obliquely referred to the announcement Monday here at Comdex without mentioning Citigroup, saying "a new giant will be born" during the course of a press conference. At that time, he wouldn't provide any further details on the deal.
Under the terms of the agreement, Citigroup will integrate its payments capabilities with Oracle's open marketplace software OracleExchange, the companies said in a joint statement issued Tuesday. The bank will also use OracleExchange for Citigroup's international spending. Furthermore, the agreement calls for Citigroup to implement Oracle's procurement system into the bank's computer systems worldwide.
Another part of the strategic agreement involves marketing. Specifically, Citigroup will market the OracleExchange.com services to its corporate clients via an Oracle/Citigroup co-branded Web site.
Citigroup will also embed its financial services, such as CitiConnect, into Oracle technology. CitiConnect is financial software that allows the users to initiate settlement for goods and services online.
Oracle, in Redwood Shores, California, can be reached at +1-650-506-7000 or via the Internet at http://www.oracle.com/. Citigroup, based in New York, can be reached at +1-212-559-1000 or at http://www.citigroup.com/.