Enterprise software giant Oracle has acquired virtualization and cloud firm Ravello Systems. Oracle didn’t disclose financial terms of the deal, but a reliable source familiar with the matter said that Oracle has paid $500 million for the deal. 

Ravello Co-founder and Chief Executive Rami Tamir, wrote in a letter about the deal:
Ravello will join in Oracle’s IaaS mission to allow customers to run any type of workload in the cloud, accelerating Oracle’s ability to help customers quickly and simply move complex applications to the cloud without costly and time-consuming application rewrites.”

Image credit: TechnoBuffalo

Founded in 2011 and based in Palo Alto, California, Ravello Systems provides tools for running enterprise workloads in public cloud environments. Its customers include Arista, Brocade, Red Hat, SUSE, and Symantec. Before its deal, Ravello has raised $54 million, including a $26 million round announced in 2013. Ravello\’s investors include Qualcomm Ventures, SanDisk Ventures, Sequoia Capital, Bessemer Venture Partners, Norwest Venture Partners, and Vintage Investment Partners

Founded in 1977 and headquartered in Redwood City, California, Oracle provides enterprise software and computer hardware products and services. It also develops and builds tools for database development, enterprise resource planning software (ERP), customer relationship management software (CRM), and supply chain management software or SCM. 

Oracle is rapidly trying to accelerate its cloud business, taking some strategically important acquisitions. In August, it acquired Maxymiser, a maker of cloud-based consumer personalization software. And in December, it acquired StackEngine, a Docker container operations management startup for an undisclosed amount. And earlier this year, it snatched AddThis, a company best known for a share bar that connects social media outlets to web publishers and blog owners, to boost its marketing capabilities.