Oracle agreed to acquire Aconex Limited, which offers a cloud-based, team collaboration scheduler for construction projects, for A$7.80 per share in cash. The deal is valued at approximately US$1.2 billion, net of Aconex cash.
The Aconex project collaboration solution, which is used by some 70,000 organizations worldwide for managing construction projects, connects owners, builders, and other teams. It provides visibility and management of data, documents, and costs across all stages of a construction project lifecycle. Aconex estimates that its software has been used in over $1 trillion in projects to date in over 70 countries.
Aconex was founded in 2000. The company is based in Melbourne, Australia.
Oracle also offers a Construction and Engineering Cloud to help customers in planning, scheduling and delivering large-scale projects.
“Delivering projects on time and on budget are the highest strategic imperatives for any construction and engineering organization,” said Mike Sicilia, SVP and GM, Construction and Engineering Global Business Unit, Oracle. “With the addition of Aconex, we significantly advance our vision of offering the most comprehensive cloud-based project management solution for this $14 trillion industry.”
“The Aconex and Oracle businesses are a great, natural fit and highly complementary in terms of vision, product, people, and geography,” said Leigh Jasper, Founder and Chief Executive Officer, Aconex. “As co-founders of Aconex, both Rob Phillpot and I remain committed to the business and are excited about the opportunity to advance our collective vision on a larger scale, and the benefits this combination will deliver to our customers.”
