Latest CITIC 21CN News
Jan 18, 2015
Alibaba Health Reaches Settlement With Oracle January 19, 2015 | Comments | Category: Computing , Law & Policy , Software Alibaba Health Information Technology Limited, formerly known as CITIC 21CN Company Limited, has settled a legal dispute with Oracle. Alibaba Health will pay about CNY37.2 million to Oracle for a licensing agreement for database management software signed in 2006. Meanwhile, the company will be refunded a deposit of USD11 million plus USD1.2 million in interest as part of the settlement. In addition, Alibaba Health has moved its medicine regulatory network infrastructure from Oracle's database to its own cloud platform. In the future, Alibaba Health and Oracle will no long have a business relationship. On May 30, 2006, the two parties signed an agreement, under which Oracle provided database management software, intermediate software, and related services to CITIC 21CN; in return, CITIC 21CN paid a deposit of USD11 million to Oracle. However, according to reports in Hong Kong media, CITIC 21CN already moved its database to Aliyun, Alibaba's cloud platform, in 2013. Alibaba acquired CITIC 21CN in March 2014. In regards to financial impact of the incident, the report stated that Alibaba Health expects before-tax losses of about HKD34.1 million due to the disposal of the agreement. Related Links:
CITIC 21CN Frequently Asked Questions (FAQ)
When was CITIC 21CN founded?
CITIC 21CN was founded in 1971.
What is CITIC 21CN's latest funding round?
CITIC 21CN's latest funding round is Corporate Majority - P2P.
Who are the investors of CITIC 21CN?
Investors of CITIC 21CN include Alibaba.com, Yunfeng Capital, CITIC Group, China Telecom and Easyknit Group.