Posted on 01/26/2005 6:40:12 PM PST by SmithL
Oracle Corp. said that 90 percent of the job offers made to PeopleSoft Inc.'s employees have been accepted as of today.
Oracle, which is holding an analyst meeting today in New York, had said it plans to retain 90 percent of PeopleSoft's software development and support teams to keep PeopleSoft customers happy after its $10.3 billion acquisition. In order to do that, it had to cut from its own ranks, Oracle senior vice president John Wookey said.
He did not reveal the number of cuts from Oracle's end, but Oracle has said that combined it has laid off about 5,000 employees.
"So far I think it has been going very well," Wookey said about the integration of the two former rivals.
Also today, Oracle raised its earnings forecast for the year and said that its merger with PeopleSoft should add about 8 cents per share for the fiscal year 2006, which begins this summer. Overall, excluding special charges, Oracle expects earnings to grow 22 to 28 percent to between 76 cents per share and 80 cents per share.
Oracle CEO Larry Ellison said he is confident the company will be able to dethrone SAP as the business software industry's No. 1 player, particularly after its PeopleSoft acquisition.
He also reiterated his belief that as Oracle becomes larger, it will be able to invest more in developing new software while lowering prices at the same time. "That's one of the reasons we became doggedly determined to buy PeopleSoft," Ellison said.
Duh! Of course 90% are accepted. Who wouldn't? If it were me I'd accept and start job hunting.
The remaining 10 percent already found other jobs.
Yean, probably so. LOL.
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