Oracle CEO Larry Ellison has announced that his company is now the second largest SaaS firm in the world.
Oracle Corporation has recorded a rise of 3% to 11.3 billion in financial year 2014 Q4 total revenues.
The company's software and cloud revenues grew 4% to 8.9 billion.
GAAP Cloud software-as-a-service (SaaS) and platform-as-a-service (PaaS) revenues gained 25% to 322 million, while non-GAAP SaaS and PaaS revenues added 23% to 327 million
The CEO said : "In SaaS, we're in front of everybody but salesforce.com. In IaaS we're larger and more profitable than Rackspace. We have by far the most complete portfolio of modern SaaS and PaaS products in the industry: CRM: Sales, Service & Marketing; HCM: HR, Payroll & Talent; ERP: Accounting, Procurement, Supply Chain & more. All these SaaS products run on the world's most powerful PaaS: the Oracle in-memory multitenant database and Java. We plan to increase our focus on the Cloud and become number one in both the SaaS and the PaaS businesses."
Oracle President and CFO Safra Catz, stated : "Our cloud subscription business is now approaching a run rate of 2 billion a year," said. "As our business has transitioned, more software revenues are being recognized over the life of a subscription rather than upfront. We're making this transition to cloud subscriptions and ratable revenue recognition while continuously increasing our top-line revenue and our bottom-line profits year-after-year."
Oracle President Mark Hurd, added : "We have transformed Sun's commodity hardware business into a profitable and growing Engineered Systems business.Our overall hardware business grew 2% in constant currency this past year. We saw record levels of Engineered Systems shipments and expect to deliver our 10,000th unit in Q1."