The board of leading cloud-based solution for construction industry Aconex has thrown their support behind a A$1.56 billion takeover tilt from major software play Oracle.
Under the scheme of arrangement, Aconex is valued at $7.80 in cash per share, a 47 per cent premium to Aconex closing price of $5.29 on 15 December. The company’s share price surged to close 44 per cent higher at $7.63.
Together, Oracle and Aconex will provide an end-to-end offering for project management and delivery allowing customers to effectively plan, build, and operate construction projects.
The Aconex Board recommends shareholders vote in favour of the Scheme subject to the Independent Expert’s Report concluding the deal is in the best interests of Aconex shareholders and there being no superior proposal.
“The Aconex and Oracle businesses are a great, natural fit and highly complementary in terms of vision, product, people and geography,” said Aconex Co-Founder and Chief Executive Officer Leigh Jasper.
Left: CEO Leigh Jasper
Right: Chairman Adam Lewis
Oracle SVP and GM, Construction and Engineering Global Business Unit, Mike Sicilia said delivering projects on time and on budget were 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,” he said.
The Aconex project collaboration solution digitally connects owners, builders and other teams, providing complete visibility and management of data, documents and costs across all stages of a construction project lifecycle.
