Novistar takes Oracle as ally in e-business for upstream:
Oracle Corp. and Novistar, Inc., an IT and accounting service provider to the upstream energy industry, announced an alliance formed to develop and deliver a broad range of e-business products and services to the energy industry. Novistar will own and market the Oracle Energy Upstream suite of products, the industry`s only Internet-enabled solution for production planning, operations and accounting. Oracle will complement Novistar`s efforts and continue to serve the energy marketplace by offering its core technology, and e-business solutions such as Internet Procurement, Customer Relationship Management and Oracle Exchange.
Under the terms of the business agreement, Oracle Corporation will have a significant minority share of Novistar. Novistar will retain the majority of personnel from software development, support, and consulting teams of the Oracle Energy Upstream organization. Ian Thacker, senior vice president of Oracle Corporation will represent Oracle as a member of the board of directors of Novistar.