• Sat. Sep 19th, 2020

Dimancherouge

Technology

Oracle Confirms ‘Tech Provider’ Status in TikTok Pursuit

Oracle Corp.  (ORCL) – Get Report said Monday that it is part of a consortium presented to the U.S. government to purchase the American assets of China-based video sharing app TikTok.

Oracle said it confirmed comments from Treasury Secretary Steve Mnuchin earlier Monday that suggest the cloud and software group could be considered a technology partner to ByteDance, TikTok’s China-based parent company, as it looks to meet a September 20 deadline to sell its U.S. business or face a shutdown in its second largest market.

ByteDance rejected a competing offer from Microsoft Corp.  (MSFT) – Get Report. earlier Sunday, paving the way for an Oracle-led consortium to pick up the U.S. assets. 

“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,” the company said in a statement. “Oracle has a 40-year track record providing secure, highly performant technology solutions.”  

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