In a letter published today, Aconex co-founder and CEO Leigh Jasper said the sale will open new opportunities for the company.
USA computer technology company Oracle Corp today struck a deal to buy Australian cloud-based software developer Aconex Ltd for A$1.56 billion ($1.2 billion).
New Evacuations As Thomas Fire Spreads, No Relief In Sight
Seasonal winds, the ones driving the fires, limited the amount of controlled burning that could be done ahead of time . An autopsy has revealed the cause of death for a San Diego firefighter battling the Thomas Fire .
"Together, Oracle and Aconex will provide an end-to-end offering for project management and delivery that enables customers to effectively plan, build, and operate construction projects", California-based Oracle said in a statement.
The acquisition of Aconex, which offers its own software that connects owners, builders and others involved in construction projects, will improve Oracle's current cloud computing solution for managing construction and engineering projects. It has offices in 30 countries and says it has managed over $1tn in construction projects.
Founded in 2000 as a company offering construction collaboration and procurement management services, Aconex subsequently pivoted into online collaboration services covering construction, infrastructure, power, mining, and oil and gas.
12 dead as fire breaks out in Mumbai shop, many feared trapped
Investigators were trying to determine the cause of the fire, which gutted the workshop area and the shop itself. The fire started on the ground floor following which the workers went to the loft and got trapped.
"Delivering projects on time and on budget are the highest strategic imperatives for any construction and engineering organization", said Mike Sicilia, general manager of Oracle's construction and engineering global business unit, in a statement. Its technology has been used on global projects including the Panama Canal extension.
The Melbourne-headquartered cloud collaboration provider for construction firms has a market capitalisation of A$1.06 billion.
Aconex's shares have rebounded in recent months after plunging to a low of A$3.08 in February following a surprise warning of lower revenue expectations and a significant drop in profit.
A million United Kingdom homes still get crappy broadband speeds, groans Ofcom
Indeed, the number of premises purchasing superfast connections has risen from 9.1 million to 11.2 million in the previous year . This is now defined as broadband offering a download speed of at least 10 Mbit/s, with an upload speed of at least one Mbit/s.