Hyperion develops enterprise performance management software that helps companies plan, map and keep track of business plans and financial data.
Oracle will integrate the Hyperion software into its Business Intelligence offerings, alongside technology from previous acquisitions Siebel and PeopleSoft, as well as its own proprietary business software.
With the purchase of Hyperion, Oracle aims to further undermine rival SAP, whose software is often used in conjunction with Hyperion's.
Oracle has stepped up its rivalry with SAP in recent years through a series of acquisitions.
"Thousands of SAP customers rely on Hyperion as their financial consolidation, analysis and reporting system of record," said Oracle president Charles Phillips.
"Now Oracle's Hyperion software will be the lens through which SAP's most important customers view and analyse their underlying SAP enterprise resource planning [ERP] data."
Boris Evelson, principal business intelligence research analyst at Forrester Research, told vnunet.com that Oracle is attempting a strategic manoeuvre to get the attention of SAP's large enterprise customers, rather than making an outright bid to convince businesses to drop SAP right away.
"While this move will do little to sway SAP ERP customers to Oracle, it will position Oracle closer to SAP's customers and will give Oracle a share of the dollars that SAP customers spend on performance management applications," he said.
Evelson suggested that the transaction could kick off a series of acquisitions in the enterprise performance management space as IBM and SAP seek to obtain technology that ends their reliance on Hyperion.
Climate change likely forced inhabitants of Indus Valley civilisation to resettle in the Himalayan foothills
Shift in weather patterns made agriculture almost impossible in the Indus Valley region
Researchers claim that the magnetic properties of a thin-film material can be controlled by applying a small voltage
Dubbed Antlia 2, the ghost galaxy sits just 130,000 light-years away from the Milky Way
Delays to the roll-out of age verification for adult websites hasn't stopped government from considering extending them to more websites