UPDATE 1-Oracle to buy insurance software maker Skywire

(Adds background, details on transaction)

BOSTON, June 23 (Reuters) - No. 3 software maker Oracle Corp (ORCL.O) said on Monday it agreed to buy the business management software business of privately held Skywire Software, adding programs for insurance companies.

Financial terms were not disclosed.

The acquisition will help U.S.-based Oracle beef up its offerings to financial services companies, one of several industries the company has targeted for growth.

"Insurance is a strategic industry for Oracle," Oracle President Charles Phillips said in a statement.

Oracle said it has about 1,000 customers in the insurance industry, compared with 1,450 for Skywire.

The acquisition is expected to close in the second half of this year, Oracle said. (Reporting by Jim Finkle; editing by Jeffrey Benkoe)