Oracle is all set to buy Australian construction software developer Aconex in a USD 1.2B deal in cash. With this deal, Oracle says, they will enable their customers with cloud-based project management solutions which can help them plan, build and operate construction projects.
Oracle says that they understand the role project timelines and management plays in the success of the construction industry. Explaining this thought, Mike Sicilia, SVP and GM, Construction and Engineering Global Business Unit, Oracle said that:
Delivering projects on time and on budget are the highest strategic imperatives for any construction and engineering organization. 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.
Aconex says that their board of directors welcome this decision. Speaking about the same, Leigh Jasper, Founder and Chief Executive Officer, Aconex commented:
The Aconex and Oracle businesses are a great, natural fit and highly complementary in terms of vision, product, people, and geography. 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.
Oracle’s acquisition of Aconex is second in the cloud-based construction software making industry. The deal is set to close in the first half of 2018.