Oracle's $28 Billion Cerner Health Tech Bet Sputters With Lost Customers and Slipping Sales [Yahoo! Finance Canada]
Oracle Corporation (ORCL)
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Source: Yahoo! Finance Canada
(Bloomberg) -- When Oracle Corp. spent $28 billion two years ago to acquire electronic-records company Cerner Corp., it promised a revolution in health care technology. Most Read from Bloomberg Co-founder and Chairman Larry Ellison declared the deal would help fix many of the labyrinthine industry's ills by modernizing notoriously dated systems, and would create a major growth engine for his company's earnings as well. Oracle “is now going to be at the center of the next generation of health care,” Ellison said in December 2022. ADVERTISEMENT Instead, interviews with more than 30 current and former employees and customers show the software maker has lost at least a dozen of Cerner's large clients. Bold product ideas, these people say, have also taken a backseat to the unglamorous work of upgrading legacy systems, with Oracle engineers surprised by the amount of effort required to implement changes and move customers to the cloud. Previously unreported financial documents se
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ORCL
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