What Happened
Major Defense Deal for Software and Services
The US Department of Defense has awarded Oracle a nearly $7 billion contract to provide software and services to US military branches, the Coast Guard, and the intelligence community. The deal, which includes a five-year base period and a five-year option, is expected to save taxpayers at least $441 million. Oracle’s stock rose 3% on the news, but the company still faces significant financial challenges, including a decline in its credit rating and a large debt load. The contract was reported by 24/7 Wall St.