Aconex has received a US$1.2 billion buyout offer from Oracle, as the tech giant eyes up the Melbourne-based cloud collaboration platform.
In a statement published on the ASX, directors have unanimously recommended the offer.
Shareholders of the cloud software provider are scheduled to vote on the offer at a scheme meeting in March next year.
Terms of the deal will see Oracle and Aconex 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,” Aconex co-founder and CEO Leigh Jasper said.
“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.”
Founded in 2000, Aconex is a cloud-based solution that manages team collaboration for construction projects, with 47 offices in 23 countries around the world.
From a technological standpoint, the platform connects owners, contractors and project teams in the construction, infrastructure, and energy and resources sectors, servicing more than 70,000 user organisations in 70 countries.
“Delivering projects on time and on budget are the highest strategic imperatives for any engineering and construction organisation,” Oracle SVP and GM, Construction and Engineering Global Business Unit, Mike Sicilia added.
“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.”