Oracle Buys Textura
CHICAGO--Textura Corporation, a leading provider of construction contracts and payment management cloud services, today announced that it has entered into a definitive agreement to be acquired by Oracle. Under the terms of the agreement, Textura shareholders will receive $26.00 in cash per share of common stock they hold. The transaction is valued at approximately $663 million, net of Textura's cash.
Textura's cloud services process $3.4 billion in payments for over 6,000 projects each month, helping keep projects on time and under budget while reducing risk for developers, contractors and subcontractors. Textura offers its cloud services in a consumption model preferred by the engineering and construction industry whereby the companies involved pay based on project activity. Further, usage of Textura's cloud services creates a network effect that benefits all participants as more than 85,000 general and subcontractors are connected to the platform.
Oracle Primavera offers a complete suite of cloud solutions for project, cost, time and risk management. The Oracle Primavera flagship products have been completely re-architected for the Cloud, and the result is a set of cloud services that are growing rapidly as construction and engineering companies embrace digital transformation. Together, Oracle Primavera and Textura will form the Oracle Engineering and Construction Global Business Unit offering a comprehensive cloud-based project control and execution platform that manages all phases of engineering and construction projects.
"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," said Mike Sicilia, SVP and GM, Engineering and Construction Global Business Unit, Oracle. "Together, Textura and Oracle Engineering and Construction will have the most comprehensive set of cloud services in the industry."
"Textura's mission is to bring workflow automation and transparency to complex construction projects while improving their financial performance and minimizing risks," said David Habiger, Chief Executive Officer, Textura. "We are excited to join Oracle and bring our cloud-based capabilities to help extend the Oracle Engineering and Construction Industry Cloud Platform."
The Board of Directors of Textura has unanimously approved the transaction. The transaction is expected to close in 2016, subject to Textura stockholders tendering 66 2/3% of Textura's outstanding shares and derivative securities exercised prior to the closing (as required by Textura's certificate of incorporation) in the tender offer, certain regulatory approvals and other customary closing conditions.
Textura is a leading provider of construction collaboration and productivity tools. Our solutions serve all construction industry professionals across the project lifecycle – from takeoff, estimating, design, pre-qualification and bid management to submittals, field management, performance management, LEED management and payment. With award-winning technology, world-class customer support and consistent growth,