Reports indicate that enterprise software maker Oracle intends to move its employees into a new campus in Austin, Texas early next year. Approximately 1,500 employees are expected to begin occupying the building starting on January 8 and the process will go on till March. Initially it is expected the new campus will house around 3,000 employees though there will be an opportunity to expand should the need arise.
The land on which the new Oracle campus is located was acquired by the enterprise software maker from Cypress Real Estate Advisors, a firm based in Austin, in December 2015. The main building on the campus will have space of approximately 560,000 square feet. Recently Oracle also acquired a parcel of land measuring six acres south of the new campus and it is understood that this land has been rezoned to allow denser uses.
Offices and residences
Oracle’s decision to build the campus is reported to be an attempt to lure millenials who are expected to fill sales jobs that will be created at the new campus. Besides the offices Oracle also acquired an apartment complex which is expected to provide housing for employees.
Some of the amenities that are available at the campus include outdoor terraces, a fitness center, a cafeteria as well as a ‘tech bar’ devised to act as a repair shop for computers belonging to employees. Some millenials recently recruited by the company already seem to have been won over.
“…feels like a college campus — you live there, you work there. Even during lunch you can use a gym or the sports fields. I can’t wait for it to open,” said Joe Musi, who recently graduated from Boston University.
Second quarter results
The reports on Oracle’s new Austin campus comes just before releases its second quarter results for the fiscal year 2018. Previously Oracle has recorded solid results due to its growing cloud business. Revenues from Oracle’s Software as a Service, Platform as a Service and Infrastructure as a Service have all contributed to generating double-digit growth. This has helped offset the stagnation recorded in revenues Oracle generates from its hardware and software licenses business.
In its guidance for the second quarter of fiscal year 2018, the management of the enterprise software maker has indicated that revenues from the cloud business will increase by 40% year-over-year to reach a figure of $1.5 billion. Other segments will record a 2% decline in revenues year-over-year.