Oracle to acquire Australian software company, Aconex for $1.19bn
Date: 2017-12-18   Author: Sunil Hebbalkar  Category: #industry

Oracle has signed an agreement to buy out one of the leading Australian companies in web-based project management software, Aconex Ltd for USD 1.19 billion in cash. In fact, Oracle has agreed to pay USD 5.97 per share in cash, which was about 45% hike in share price.

According to reliable sources, Aconex stated that its directors have strongly recommended considering Oracle’s proposal, and that the shareholders of the company will vote on the bid at a scheme meeting, which is likely to be held in March 2018. In this regard, Oracle has added that the deal may be closed in the first half of 2018.

Reports cite that this was one of two larger technology deals between U.S and Australia that had been publicly revealed on December 18, 2017. Apparently, the U.S based company, Equinix Inc. has placed a bid of USD 791.2 million to take over Australian data center provider, Metronode.

Reportedly, Oracle has been focusing to expand its facilities in internet-based products. In the last year, it had purchased NetSuite Inc. for USD 9 billion to accelerate its product expansion to cloud-computing. In addition, the processing acquisition of Aconex Ltd. is likely to help Oracle to expand its regional reach, owing to the remarkable use of Aconex’s technology in several global software projects including Panama Canal extension.

Australian web-based project management company, Aconex said that it would be responsible to pay about 1% equity value of the deal to Oracle as a break-up fee. The Chairman of Aconex, Adam Lewis stated that a bid of $5.97 (A$7.80) per share placed by Oracle signified a premium and remarkable certainty of value to stakeholder through the cash proposal, reports cite.

As per reports, the co-founder and CEO of Aconex, Leigh Jasper addressed the firm’s customers that Oracle’s investment will help Aconex rapidly improve its functionality and capability in a limited frame of time.



About Author


Sunil Hebbalkar

Sunil Hebbalkar

Sunil currently works as an content writer at AlgosOnline. A Post graduate mechanical design engineer by qualification, he worked as an intern at the defense lab for one year in the engine design and development department before switching his professional genre. Foll...

Read More

More from Sunil


Post Recommendents

Ensign kicks off a C$947 million bid to take over Trinidad Drilling
Author: Saif Ali Bepari

Ensign Energy Services Inc. is reportedly offering its Calgary-based cross-town neighbor and competitor Trinidad Drilling Ltd. an amount of $1.68 per share. The company aims to commence a hostile C$470-million bid to t...


Contraceptives Market Growth, Business Analysis & Industry Report 2024
Author: Rahul Sankrityayan

Contraceptives Market was valued at USD 21.1 billion in 2016 and is projected to witness 6.8% CAGR growth from 2017 to 2024.

Contraceptive market will witness ...


Cancer Biological Therapy Market Analysis, Trends & Growth Forecast 2024
Author: Rahul Sankrityayan

Cancer Biological Therapy Market size is anticipated to experience significant growth of 6% from 2016 to 2023.

Rising prevalence of cancer patients around the globa...