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April 29, 2016updated 05 Sep 2016 10:42am

Oracle to acquire Textura for $663m

The agreement expands Oracle’s cloud offerings for construction and engineering industry.

By CBR Staff Writer

Oracle has agreed to acquire construction software maker Textura for about $663m.

Textura provides construction contracts and payment management cloud services. The company’s cloud services process $3.4bn in payments for more than 6,000 projects every month.

The company designs and hosts construction software solutions that increase efficiency across all aspects of the project lifecycle, including takeoff and estimating, prequalification, bid management, project communication, payment, performance management and LEED management.

Textura plans to bring workflow automation and transparency to complex construction projects and enhance their financial performance as well as minimise risks.

The acquisition adds construction contracts and payment management cloud services to the Oracle engineering and construction industry cloud platform.

Oracle plans to integrate Textura with it Primavera business to form an engineering and construction operating unit.

The Oracle Engineering and Construction Global Business Unit will provide a cloud-based project control and execution platform that manages the entire phases of engineering and construction projects.

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The deal, which is subject to regulatory approvals, is expected to close this year.

Oracle SVP and GM of engineering and construction global business unit Mike Sicilia said: “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.

“Together, Textura and Oracle Engineering and Construction will have the most comprehensive set of cloud services in the industry.”

Textura has reported a 28% increase in its revenue to $24.7m for the quarter ended 31 March 2016.

Year-over year, activity-driven revenue increased 32% to $19.8m and organisation-driven revenue increased 15% to $4.8m.

The company narrowed its loss to $1.5m, or 6 cents per share, from $3.1m, or 12 cents a share, a year ago.

Earlier this year, Oracle acquired Ravello Systems for a reported $500m in a bid to further strengthen its cloud business.

Oracle reported a drop in its revenues and profit for the fiscal third quarter due to strong US dollar.

Revenues for the quarter dropped 3% to $9.01bn, compared to $9.33bn in the year-ago period.

Net income declined to $2.14bn, or $0.50 per share, from $2.50bn, or $0.56 per share, last year.

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