Oracle president Safra Catz and Chief Scientist Dr. Eli Opper today signed a cooperation agreement to establish a center for technological excellence for Israeli start-ups. The agreement was part of a plan by the Office of the Chief Scientist in the Ministry of Industry, Trade, and Labor for industrial R&D cooperation with multinational corporations.
The agreement is designed to increase support for start-ups and software solutions producers through cooperation between the state and Oracle (Nasdaq: ORCL). The new center for technological excellence will give companies assistance in technology and access to scientific and research infrastructure.
The assistance will consist of both business aid by providing preferential commercial terms for purchasing and distributing Oracle’s infrastructure, and marketing aid by creating access and open doors to representatives of Oracle and other leading global companies for Israeli companies.
Joint projects by Israeli companies and Oracle in this framework that meet criteria set by the Chief Scientist will be eligible for partial financing of R&D costs.
Catz said that the agreement was an important milestone in Oracle’s activity in Israel, and a direct continuation of the success of Oracle’s Israeli branch.
Published by Globes [online] - www.globes.co.il - on July 28, 2005