Oracle buys Aconex for $1.2 Billion

Oracle Corp. (NYSE: ORCL)announced on Monday it has entered into an agreement to acquire Australia based for A$7.80 per share in cash. The transaction is valued at approximately at a total of $1.2 billion.

Aconex said in a statement that the Board of Directors had unanimously recommended the transaction.

Aconex’s project connect different teams digitally providing visible data and documents. Aconex has spent over $1 trillion in these projects in over 70 different countries. Oracle says the merger will enable a more effective plan, build, and operation.

“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.

The transaction is expected to close in the first half of 2018.

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