Aconex the Australian based software company has announced a takeover offer from American software giant Oracle. Specialising in SaaS project management solutions for the construction industry the solution has been used in over $1 trillion in projects across 70,000 user organisations in over 70 countries.
The company was founded in 2000 and was listed on the ASX in 2014 but has experienced large fluctuations in its share price since then.
Oracle’s offer of $7.80 per share (valuing Aconex at $1.6 Billion AUD) was 45% higher than Monday’s opening share price on the ASX but trading quickly pegged the price to just below the offer.
The Board of Directors unanimously recommended the transaction. Shareholder approval and certain regulatory approvals and other customary closing conditions will take place in the first half of 2018.
“The Aconex and Oracle businesses are a great, natural fit and highly complementary in terms of vision, product, people and geography,”
“As Co-Founders, 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.”
said Leigh Jasper, Co-Founder and Chief Executive Officer, Aconex.
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.”
You can download more information about the takeover HERE
Today, @Oracle has signed an agreement to acquire @Aconex. 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. News: https://t.co/SNPXNjd84E pic.twitter.com/UeBKLgUxka
— Aconex (@Aconex) December 17, 2017