Oracle cuts hundreds of jobs, accepts job offers in its health unit, Insider reports

June 15 (Reuters) – Software firm Oracle (ORCL.N) on Thursday laid off hundreds of employees, refused job offers and cut back open positions within its health unit, the Insider reported, citing three people familiar with the matter.

The layoffs follow thousands of cuts in corporate America as companies wrestle with elevated levels of inflation and rising interest rates.

Oracle’s health unit includes electronic medical records firm Cerner which it acquired for $28.3 billion, its biggest ever deal, in December last year.

The layoffs were in large part due to Cerner’s challenging work with the US Department of Veterans Affairs, which hired Cerner to replace its homemade medical records with Cerner’s technology, the report said.

The laid-off employees will receive severance pay equal to four weeks, plus one additional week for each year of service and a payout of vacation days, the report added.

Oracle did not immediately respond to a Reuters request for comment.

Reporting by Kannaki Deka and Samrhitha Arunasalam in Bengaluru; Editing by Maju Samuel

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