"The early use cases for the new version are likely to be dev and test workloads that are often most suitable for IaaS," Jones explained. "Moreover, Oracle can control the environment and hence iron out teething problems more easily than if the new version is running on customers' unknown environments."
In the meantime, customers are now faced with a sort of "Orexit vote" over the next year or so in which they decide whether or not to stay with the company, Jones said, referencing the U.K.'s Brexit vote Thursday. "Do they want to accompany Oracle on its journey to the cloud, or vote for an uncertain but independent future?"
Oracle has long boasted that it gives customers freedom of choice to run its systems on-premises or in the cloud, noted Frank Scavo, president of Strativa.
"I guess that promise no longer applies to the latest version of its database," Scavo said. "It shows how much pressure Oracle is feeling from Wall Street to show momentum in the cloud."
Recently, a former employee in Oracle's cloud business accused the company of unscrupulous accounting practices.
In the company's recent fourth-quarter earnings call, however, executive chairman and CTO Larry Ellison reportedly said Oracle could be the first SaaS company to hit $10 billion in annual revenue.
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