Oracle has agreed to acquire LiveLook, a maker of online collaboration software that is expected to bolster Oracle's cloud-based customer service applications.

Financial terms of the transaction, announced June 20, were not disclosed.

LiveLook's core products include Co Browse and Presenter. The former lets a service rep take control of a user's computer to solve a problem. Co Browse users include Northrop Grumman Fedeal Credit Union.

For example, if an insurance customer is having difficulty finding his claim status online, an agent could gain access to the Web browser to show where to find the document.

Use cloud services to reduce capex and gain financial flexibility. Prepare to sign long-term agreements and to embark on sizable integration projects to tie in-house applications to cloud software.

Presenter lets salespeople launch instant screen sharing to make presentations to prospects.

Oracle already has 100 global customers using LiveLook technolgy within Oracle Service Cloud. LiveLook customers will be moved to Oracle's software with "no disruption to their current solution," the company said.

Oracle to acquire LiveLook to strengthen online customer-service applications

Companies are increasingly using online collaboration software to improve customer service through call centers.

"Consumers are increasingly conducting transactions across multiple digital channels such as Web and mobile," David Vap, group vice president of Product Development for Oracle, said in a statement. "Meeting consumer demands and exceeding their expectations for web and mobile service and support will improve customer satisfaction and enhance revenue."

Oracle has made a string of acquisitions over the last few years in moving its on-premise product portfolio online. Its latest earnings show that CIOs and chief marketing officers are increasingly looking to the cloud for applications.

Whether Oracle is moving fast enough to adapt to the way CXOs want to use and buy technology is up for debate. The company on Thursday reported a 4 percent decline in profit last fiscal quarter, stoking fears among investors that it’s moving too slowly in adapting to market changes.

Oracle stock fell more than 6 percent after it released earnings June 19. Oracle has acknowledged it will suffer short-term financial pain in the transition.

Nevertheless, CIOs seem determined to avoid paying big bucks upfront for an on-premise software license that carries a hefty annual maintenance fee. Instead, they favor a monthly cloud subscription.

70 percent of CIOs worldwide will change tech-sourcing strategies in the next two to three years to take advantage of the cloud, Gartner predicts.