Oracle Buys Aconex for $1.2B
December 18, 2017
has entered into an agreement with Aconex, a cloud-based solution that
manages team collaboration for construction projects, for A$7.80 per
share in cash. The transaction is valued at approximately US$1.2
billion, net of Aconex cash.
The Aconex project collaboration solution digitally connects owners,
builders and other teams, providing complete visibility and management
of data, documents and costs across all stages of a construction project
lifecycle. Aconex has been used in over $1 trillion in projects across
70,000 user organizations in over 70 countries.
The Oracle Construction and Engineering Cloud already offers customers
the industry’s most advanced solutions for planning, scheduling and
delivering large-scale projects. Together, Oracle and Aconex will
provide an end-to-end offering for project management and delivery that
enables customers to effectively plan, build, and operate construction
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.”
The Board of Directors of Aconex unanimously recommends the transaction.
The transaction is expected to close in the first half of 2018, subject
to Aconex shareholder approval and certain regulatory approvals and
other customary closing conditions.