CM – Oracle issues a report that it plans to buy medical records company Cerner

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Investing.com â ???? Oracle Stock (NYSE:

ORCL

) traded 4% lower in the premarket on Friday after reports that the company is pursuing its largest acquisition to dig deeper into the healthcare sector.

According to the Wall Street Journal, the company could make up to $ 30 billion in enterprise software Paying Dollars to Buy Cerner (NASDAQ:

CERN

), an electronic health records company with sales of $ 4.3 billion for the nine months ended September 30 and market value of nearly $ 24 billion as of Thursday. Cerner stock rose 19% pre-IPO.

Healthcare already has a major presence in Oracle’s current revenue stream. The company offers technology that helps insurers, health care providers, and public health systems analyze data to achieve better patient outcomes.

The acquisition is intended to help Oracle move to the cloud, a move the company initially took relatively slowly implemented. The strategy has become more aggressive over the past year. In a post-Covid world, healthcare has become an important industry for tech companies to open up new growth areas. Microsoft (NASDAQ:

MSFT

) itself has a $ 16 billion deal to buy Nuance Communications (NASDAQ:

NUAN

), a provider of clinical speech recognition software, medical transcription, and medical imaging. This deal requires regulatory approval.

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