Oracle wins bid to become TikTok’s ‘trusted technology provider’ in US (ORCL)

Larry Ellison and Safra Catz

Summary List Placement

Oracle confirmed Monday it’s agreed to be ByteDance’s “trusted technology provider” in the US, the culmination of a long battle to find a way for TikTok to remain in the US. 

The proposed deal has been submitted to the US government for approval. The exact terms of the deal are unclear, but it appears that it will not be an outright sale to Oracle.

“Oracle confirms Secretary Mnuchin’s statement that it is part of the proposal submitted by ByteDance to the Treasury Department over the weekend in which Oracle will serve as the trusted technology provider,” Oracle said in a statement. “Oracle has a 40-year track record providing secure, highly performant technology solutions.”

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Source:: Businessinsider – Tech

      

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