Aconex (ASX: ACX) announced Monday that it received a $1.56 billion AUD (~$1.2 billion USD), or $7.80 per share, buyout offer from Oracle (NYSE: ORCL). Aconex shares were up 45% following the announcement.
Aconex specializes in cloud-based project management software that allows collaboration among different teams in construction projects. Aconex operations will join Cisco’s current construction and engineering cloud platform.
In August, Aconex announced issued its full-year 2017 results, with revenues increasing to $161.2 million AUD, a 31% increase from 2016, and EBITDA from core operations of $15.0 million AUD, up 10% from 2016’s $13.6 million AUD.
The deal is expected to close during the first half of 2018.
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