Creates the World's Most Comprehensive Cloud Offering for Managing All Aspects of Construction Projects
Board Recommends Acquisition Proposal by Oracle
Melbourne, Dec 18, 2017 AEST (ABN Newswire) - Aconex Limited (ASX:ACX), a leading cloud-based solution that manages team collaboration for construction projects, today announced that it has entered into a binding Scheme Implementation Deed with Oracle (NYSE:ORCL) for A$7.80 per share in cash. The transaction is valued at approximately A$1.6 billion (US$1.2 billion), net of Aconex cash.
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 capital projects across 70,000 organisations 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 Aconex and Oracle businesses are a great, natural fit and highly complementary in terms of vision, product, people and geography," said Leigh Jasper, Co-Founder and Chief Executive Officer, 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."
Mike Sicilia, SVP and GM, Construction and Engineering Global Business Unit, Oracle, said, "Delivering projects on time and on budget are the highest strategic imperatives for any engineering and construction organisation. 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 Board of Directors of Aconex unanimously recommends the transaction. 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.
More information about this announcement is available at http://www.aconex.com
The Oracle Cloud offers complete SaaS application suites for ERP, SCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE:ORCL), visit oracle.com.
About Aconex Ltd
Aconex Limited (ASX:ACX) 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. The Aconex cloud-based solution has been used to manage over $1 trillion in projects across 70,000 user organisations in over 70 countries. The company’s ordinary shares are traded on the Australian Securities Exchange (ASX) under the ticker code ACX and are included in the S&P/ASX 200 Index.
For more information on Aconex, please visit:
- Website: https://www.aconex.com
- Twitter: https://www.twitter.com/aconex
- LinkedIn: https://www.linkedin.com/company/aconex
- Facebook: https://www.facebook.com/Aconex