Oracle has finalised a deal to acquire Skywire Software, a leading provider of insurance and business applications. The deal will see Oracle acquire 1,450 new insurance customers to add to its existing cache of over 1,000.

Skywire Software's insurance software assists insurers in managing the life cycle of an insurance policy, including insurance policy creation, rating, insurance agent/broker management and information exchange solutions.

With this and the impending acquisition of AdminServer, another insurance software provider, Oracle plans to create the most complete software suite for the insurance enterprise.

Patrick Brandt, Skywire Software President and CEO, said: "Insurers look to software to speed policy implementation, accelerate new business acquisition, reduce costs and manage regulatory risk. The combination of Skywire Software's best-in-class insurance and document automation software applications with Oracle's solutions will drive innovation and leadership to ensure our customers' continued success."

The acquisition is expected go through in the second half of 2008. Until the deal closes, each company will continue to operate independently. The value of the deal was not available.