Oracle to buy cloud company Aconex for US$1.9billion

Oracle has announced it will be buying the cloud provider Aconex for US$1.9billion.

Offered in the cloud, the Australian company specialises in management and collaboration tools for the construction industry.

Oracle said in a statement the sell will “help make the world’s most comprehensive cloud offering for managing all aspects of construction projects”.

According to Aconex, its tools have been used in capital projects worth US$1trillion across 70,000 organisations in more than 70 countries.

Leigh Jasper, Aconex co-founder and CEO, said to computing: “We expect that Oracle’s continued investment in Aconex will deliver more functionality and capabilities at a quicker pace, as well as provide better integration and alignment with Oracle’s other product offerings.” 

Subject to formal Aconex shareholder approval, the transaction will close in the first half of next year.

Written by Leah Alger