Oracle has announced that it has entered into a definitive agreement to acquire Textura, a leading provider of construction contracts and payment management cloud services for approximately $663 million, net of Textura’s cash.
Upon acquisition, Textura and Oracle Primavera will form the Oracle Engineering and Construction Global Business Unit offering a comprehensive cloud-based project control and execution platform that manages all phases of engineering and construction projects.
“The increasingly global engineering and construction industry requires digital modernization in a way that automates manual processes and embraces the power of cloud computing to easily connect the construction job site, reduce cost overruns, and improve productivity,” Mike Sicilia, SVP and GM, Engineering and Construction Global Business Unit, Oracle says. “Together, Textura and Oracle Engineering and Construction will have the most comprehensive set of cloud services in the industry.”
“Textura’s mission is to bring workflow automation and transparency to complex construction projects while improving their financial performance and minimizing risks,” said David Habiger, Chief Executive Officer, Textura. “We are excited to join Oracle and bring our cloud-based capabilities to help extend the Oracle Engineering and Construction Industry Cloud Platform.”
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According to Oracle, the transaction is expected to close in 2016, subject to Textura stockholders tendering 66 2/3% of Textura’s outstanding shares and derivative securities exercised prior to the closing in the tender offer, certain regulatory approvals and other customary closing conditions.
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