Oracle Buys Textura for $663 Million to Increase its Construction IT Business
Oracle announced that it is buying Textura to build out its Primavera project management and billing business.
Textura is a provider of cloud-based contract and payment management solutions for the construction industry. Oracle bought them in an all-cash deal for $663 million.
Oracle is planning on combining Primavera and Textura to form a new global unit - Oracle Engineering and Construction. The transaction is expected to be approved this year.
"The increasingly global engineering and construction industry requires digital modernization in a way that automates manual processes and embraces the power of cloud computing to easily connect the construction job site, reduce cost overruns, and improve productivity. Together, Textura and Oracle Engineering and Construcion will have the most comprehensive set of cloud services in the industry."
Textura is one of the largest construction project management services available globally. It currently processes $3.4 billion in payments for over 6,000 projects monthly. It has over 85,000 contractor users.
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