Oracle seals $1.19bn deal to acquire Australia’s software developer Aconex

Oracle Corp. has agreed to buy Aconex Ltd., an Australian company that makes cloud-based collaboration software for construction projects, for A$1.56 billion ($1.19 billion) cash as it pushes deeper in to new markets to gain more customers.

The deal values Aconex at A$7.80 per share, 47 percent more than Friday’s closing price. Aconex shares surged 44 percent to A$7.63 at 11:09 a.m. in Sydney trading Monday.

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Oracle has been looking to refashion its business around internet-based products. The strategy was dealt a setback last quarter when cloud-computing sales missed analysts’ estimates.

The Redwood City, California-based company also gave a disappointing forecast for cloud growth in last week’s earnings report, which sent shares falling the most in three months.

Oracle has been turning to acquisitions to accelerate its shift to the cloud, including last year’s $9 billion purchase of NetSuite Inc.

 

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