Oracle plays down US$70 billion war chest

Oracle has played down reports that it has a budget of US$70 billion to spend on new acquisitions over the coming five years, contradicting an earlier statement attributed to president Charles Phillips during a technology conference in Aspen.

"Oracle does not have a five year acquisition budget. We don't even have a one year acquisition budget," Oracle spokesperson Karen Tillman said in a statement released specifically to deny the report.

Phillips had said that "there's plenty left to do", according to CNNMoney.com. The publication reported Friday that Phillips said Oracle was to double its acquisition budget.
 
Oracle's most recent splurge was its US$7.4 billion acquisition of Sun Microsystems. Other major acquisitions since 2005 include Siebel, Peoplesoft, BEA, Hyperion and i-flex.     

"While it is highly unlikely that we will spend anything approaching US$70 billion in five years, we will be opportunistic and, if market conditions warrant, we will buy additional companies that further our strategic goals and address our customers' needs," said Tillman.

Oracle reported US$9.9 billion in "cash and cash equivalents" at the end of its Q4 2010 fiscal year earnings, announced on June 24, 2010.

The company reported US$8.45 billion in free cash flow for the period.