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Oracle enters into an agreement to buy Australian Cloud service provider Aconex

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Oracle Corporation, the leading enterprise technology software provider, recently announced signing an agreement to acquire Aconex Limited, for A$7.80 per share in cash.

The transaction is valued at US$1.2 billion, net of Aconex cash.

Aconex is an Australian cloud service provider, which manages team collaboration for construction projects, digitally connecting owners, builders and other teams to help them manage complex projects.

Oracle’s Construction and Engineering Cloud already provides industry-leading solutions for planning, scheduling and delivering large-scale projects. Oracle and Aconex, by joining hands, can offer an advanced solution that can handle large-scale projects effectively.

Delivering projects on time and on budget are the highest strategic imperatives for any construction and engineering organization. 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. “– Mike Sicilia, SVP and GM, Construction and Engineering Global Business Unit, Oracle.

The acquisition is expected to close by the first half of 2018 subject to various customary regulations and Aconex shareholder approval.

The founder and CEO of Aconex – Leigh Jasper, believes that both the companies have many similarities in terms of vision, product, people and geography, which will help them to identify and work upon better opportunities.

Last week, Oracle announced its Q2 FY 2018 results, registering a total revenue of $9.6 billion, which was up by 6%, compared to Q2 last year. Its cloud software-as-a-Service (SaaS) revenues were $1.1 billion, up by 55%. Cloud Platform-as-a-Service (PaaS) revenues and Infrastructure-as-a-Service were up by 21%, to reach $396 million, collectively.

GAAP operating income was $3.1 billion, with 1% increase.

Overall cloud revenue growth of 44% drove our quarterly revenue and earnings higher. With non-GAAP Cloud SaaS Applications growth of 49% leading the way, Oracle delivered 14% non-GAAP earnings per share growth and 6% overall revenue growth. Our success in the quarter was based on the increasing scale and the gathering momentum in our cloud business. I expect the business to continue to grow and strengthen over the coming quarters,” said Oracle’s CEO, Safra Catz.

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