Oracle has entered into a definitive agreement to acquire Opower, a company that provides cloud services to utilities. The transaction is valued at approximately $532 million.

Opower’s big data platform stores and analyzes over 600 billion meter reads from 60 million utility end customers. The company’s clients include around 100 global utilities like PG&E, Exelon and National Grid, according to a statement released by Oracle. Opower be part of the company’s Utilities Industry Cloud Platform.

The board of directors of Opower has unanimously approved the deal. The transaction is expected to close in 2016, subject to Opower’s stockholders tendering a majority of Opower’s outstanding shares and derivative securities exercised prior to the closing of the tender offer, regulatory approvals ,and other customary closing conditions. Until the transaction closes, Oracle and Opower will continue to operate independently.

[Image courtesy: Opower]