Oracle, Tencent Sign China Cloud-Computing Deal

U.S. software giant Oracle and leading Chinese Internet company Tencent have created a cloud-computing partnership, joining a crowded field of companies competing in a high-growth area that Beijing has earmarked for rapid development.

Tencent Holdings Ltd. will function as the local partner in charge of rolling out Oracle Corp.'s cloud-computing product in China, according to a memorandum of understanding signed Wednesday in Shanghai. The agreement builds on a preliminary deal reached last year.