An Israeli technology company has been reportedly acquired for £350m.

Ravello Systems, whose staff is Israeli and has offices in Ra'anana and California’s Silicon Valley, has been bought by US company Oracle for its cloud software.

Cloud computing enables users to access their files anywhere via the internet, without having to keep them on a device and use up memory.

Oracle, which is attempting to compete with digital technology giants Amazon and Microsoft in an increasingly popular market, will take on all of Ravello’s 70 employees.

Ravello co-founder and chief executive Rami Tamir said he was “thrilled” with the news in a blog post on the company’s website.

He added: “We believe this agreement will accelerate our ability to reach more customers, deliver more value, and enhance our technology at an accelerated pace in order to better serve you.”