— a Chicago-based provider of cloud construction management software — announced it has entered into a definite agreement to be acquired by Oracle. The deal is valued at approximately $663 million.
Founded in 2004, Textura’s SaaS platform helps real estate developers and contractors streamline construction projects by providing a central location for contracts, plans, bids, payments and field management tools.
The platform is currently in use for over 6,000 projects and processes nearly $3.5 billion in payments monthly.
"Textura's mission is to bring workflow automation and transparency to complex construction projects while improving their financial performance and minimizing risks," said Textura CEO David Habiger in a statement. "We are excited to join Oracle and bring our cloud-based capabilities to help extend the Oracle Engineering and Construction Industry Cloud Platform."
The new Oracle platform will combine Textura’s capabilities with those of Oracle’s own Primavera cloud suite, with the aim of managing construction and engineering projects from start to finish.
"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," said Oracle’s Mike Sicilia in a statement. "Together, Textura and Oracle Engineering and Construction will have the most comprehensive set of cloud services in the industry."
The deal, which values Textura’s publicly traded stock at $26 a share, was unanimously approved by the company’s board of directors. The transaction is expected to close this year.
On Thursday morning, Textura's was trading at $26, up from $19.89 yesterday.
Image via Textura.