In addition to being owned by Oracle's CEO, Pillar has had a long standing partnership with Oracle, providing an extension to its Oracle Grid computing environments. Pillar's products will now officially fall under the Oracle brand.
The move is particularly noteworthy since next generation storage solutions are in high demand right now. Last year Dell and HP launched a bidding war over 3Par,
which Dell eventually won which HP won.
Incidentally, one of the last times Pillar was in the news was when it let a few people go one year ago today.
Financial details are as follows:
Pillar Data Systems is majority owned by Oracle CEO Larry Ellison. The evaluation and negotiation of the transaction was led by an independent committee of Oracle's Board of Directors. The transaction is structured as a 100% earn-out with no up-front payment. Oracle does not expect that the amount of the earn-out or its potential impact will be material to Oracle's results of operations or financial position. The transaction is subject to customary closing conditions and is expected to close in July 2011.