Oracle to Buy Textura
Redwood Shores, California-based Oracle Corp. (NYSE: ORCL – $40.90) said it agreed to buy cloud-services provider Textura Corp. of Deerfield, Illinois. Textura provides collaboration and productivity tools for the construction industry in the U.S. and Canada. Its solutions are focused on facilitating collaboration between owners, developers, general contractors and subcontractors. Textura’s cloud services process $3.4 billion in payments for over 6,000 projects each month. The transaction, at $26 a share in cash, values Textura at about $663 million, net of Textura’s cash. Oracle said it would combine Textura with its Oracle Primavera products, which also focus on construction projects, to form a business unit offering a cloud-based platform that will manage all phases of engineering and construction projects. The transaction is expected to close in 2016, subject to Textura stockholders tendering 66 2/3% of Textura’s outstanding shares, certain regulatory approvals and other customary closing conditions.