Oracle Buying Textura at a Price of $663 Million

Late this week, database giant Oracle Corp, said it reached an agreement to purchase Textura Corp a provider of cloud services.

That expanded the giant’s offerings in the construction industry, with heavy emphasis in on-demand, web-based computing services.

The acquisition boosts the offerings Oracle has for vertical industries that include financial services, retailing and marketing and advertising.

The transaction will be completed with $26 per share in cash, valued the company at $663 million, net of the cash Textura is holding, said Oracle.

Oracle, which is Redwood Shores, California based, is amongst the largest providers of software to the construction industry, with an array of different products that are tailored to help construction contractors manage projects that are large.

The deal with Textura will expand its range of tools that are cloud-based like online payment services and contracts.

Oracle is aggressively making acquisitions picking up businesses frequently to fill its offerings list out over the past couple of years.

It purchased Maxymiser a startup in mobile marketing and then Datalogix a company dedicated to advertising analytics to build its on-demand, web-based computing services for marketers.

Oracle announced that it would combine Textura with its product management software Oracle Primavera, which focuses on construction, and will form it into a single division.

The unit will provide a platform that is cloud based to manage all its phases of construction and engineering projects said the company.

Textura, which had 580 employees as of the end of 2015, processes over $3.4 billion worth of payments for over 6,000 projects every month, said Oracle.

The transaction should close during this year.

A spokesperson for Oracle would not comment on if the company planned to lay off employees or move the operations of Textura.

On Thursday, Textura reported first quarter results. The company announced that revenue for its quarter increased by 28% to end at $24.6 million, which was higher than analyst expectations of $24 million.

Textura has narrowed its loss to only $1.5 million equal to 6 cents per share from the same period last year of $3.1 million equal to 12 cents per share.

 

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