Aconex Ltd shares set to rocket on Oracle's $1.6 billion takeover offer

A sign marks a building housing Oracle offices in Burlington

A sign marks a building housing Oracle offices in Burlington Massachusetts U.S

Oracle will pay the amount in cash, valuing Aconex shares at around A$7.80 each.

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).

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"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.

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"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.

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