Oracle Buys Australian Cloud Firm Aconex for $1.2 billion

Oracle Buys Australian Cloud Firm Aconex for $1.2 billion Image Credit: Aconex

Oracle announced that it has entered into an agreement with Aconex, a leading cloud-based solution that manages team collaboration for construction projects, for approximately US$1.2 billion.

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.

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.

Mike Sicilia, SVP and GM, Constrcution and Engineering Global Business Unit
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.

Leigh Jasper, Founder and CEO, 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.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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