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Oracle to buy construction collaboration software maker Aconex for $1.2B in cash

Oracle to buy construction collaboration software maker Aconex for $1.2B in cash
From TechCrunch - December 17, 2017

Oracle will pay $1.2 billion in cash to buy construction software developer Aconex, the companies announced today. Based in Melbourne, Aconexs cloud-based software allow teams working on building projects to collaborate and share documents. Oracle agreed to pay AUD $7.80 (about $5.97) per share in cash for a total of $1.2 billion. This price represents a 47% premium over Aconexs Friday closing price of AUD $5.29 (about $4.05).

This marks Oracles second acquisition of a cloud-based construction software maker so far. Last year, it purchased contract and payment management platform Textura for $663 million and combined it with its own construction management software, called Primavera, to form the Oracle Construction and Engineering Global Business Unit.

Construction projects consist of many moving parts, including multiple contractors and suppliers, complicated building codes and piles of paper documents, and managing everything can be a costly, time-consuming nightmare. This, of course, gives the tech industry an opening. In the past few years, several startups have launched to modernize the building industry, including Fieldwire, PlanGrid, Net30 and UpCodes.

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