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Oracle comes to an agreement to take over Aconex for AU$1.6b

oracle will acquire aconex

Oracle is an American multinational computer technology corporation, headquartered in Redwood Shores, California. The company announced that it will acquire Aconex, an Australian cloud services provider for AU$ 1.6 billion.

Stating Melbourne-based Aconex as a "cloud-based solution that manages team collaboration for construction projects", Oracle said it will combine with the company to offer end-to-end project management and delivery services for planning, building, and operating construction projects.

"Delivering projects on time and on budget are the highest strategic imperatives for any engineering and construction organisation," SVP and GM of Oracle's Construction and Engineering Global Business Unit Mike Sicilia said in a statement to the Australian Securities Exchange on Monday morning.

"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."

Aconex CEO and co-founder Leigh Jasper added that the companies have similarities in relation to "vision, product, people, and geography."

This acquisition is followed by Oracle announcing a Q2 net income of $2.2 billion on revenue of $9.6 billion, up 6 percent year on year.

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