Oracle has entered into an agreement with Aconex for approximately $1.2 billion, net of Aconex cash. Aconex provides cloud construction and engineering industry collaboration tools, and is based out of Australia. The company has worked in over $1 trillion in projects across 70,000 user organizations in over 70 countries, according to Oracle.
Oracle and Aconex is expected to provide an end-to-end offering for project management and delivery, working with Oracle’s Construction and Engineering Cloud, according to a statement from Oracle. After the close of the transaction, Oracle plans to continue investing in Aconex, says the company.
The Aconex board has unanimously recommended the transaction, which is expected to close in the first half of 2018, subject to shareholder approval and customary closing conditions.
More information on the acquisition is available here – https://www.oracle.com/corporate/acquisitions/aconex/index.html
[Image courtesy: Aconex]