Story image

Aconex shareholders vote in favour of Oracle acquisition

15 Mar 2018

Melbourne-based construction and engineering software provider Aconex has announced that its shareholders have voted in favour of the proposed acquisition of the company by Oracle.

Oracle initially announced the acquisition of the Aconex in December last year, offering (AUD) $7.80 per share in a deal worth approximately (US) $1.2 billion.  

Aconex has now revealed that the deal has received the go-ahead from shareholders, with 96.22% of them voting in favour of the resolution.

Aconex also says it has applied to the Supreme Court of Victoria for approval of the acquisition at a hearing scheduled for Thursday, 15 March 2018.

If it is approved by the court, the scheme will come into effect on the 29th of March.

At the time the acquisition was announced, Aconex founder and CEO Leigh Jasper said,  “The Aconex and Oracle businesses are a great, natural fit and highly complementary in terms of vision, product, people and geography.

“As co-founders of Aconex, both Rob Phillpot and I remain committed to the business and are excited about the opportunity to advance our collective vision on a larger scale, and the benefits this combination will deliver to our customers.”

The Aconex project collaboration solution is designed to digitally connect owners, builders and other teams, providing visibility and management of data, documents and costs across the various stages of a construction project lifecycle.

Oracle says Aconex has been used in over $1 trillion worth of different projects across 70,000 user organisations in over 70 countries.

At the time of the announcement, Oracle SVP and GM of the construction and engineering global business unit Mike Sicilia said, “Delivering projects on time and (within) budget are the highest strategic imperatives for any construction and engineering organisation.

“With the addition of Aconex, we significantly advance our vision of offering the most comprehensive cloud-based project management solution for this $14 trillion industry.”

Machine learning is a tool and the bad guys are using it
KPMG NZ’s CIO and ESET’s CTO spoke at a recent cybersecurity conference about how machine learning and data analytics are not to be feared, but used.
Pure Storage expands enterprise data management solutions
It has integrated StorReduce technologies for a cloud-native back up platform, and expanded its data fabric solution for cloud-based applications.
Survey finds DC managers want more efficiency, not horsepower
More servers and more CPU power used to be the answer to boosting data centre performance, but it appears this is no longer the case.
GoCardless to double A/NZ team by end of year
With a successful E round of investment and continuing organic growth globally, the debit network platform company aims to expand its local presence.
Micro Focus acquires Interset to improve predictive analytics
Interset utilises user and entity behavioural analytics (UEBA) and machine learning to give security professionals what they need to execute threat detection analysis.
TechOne bringing solar lights to students in need
The company is partnering with charity SolarBuddy to bring solar-powered lights to children in energy poverty to alleviate study stress after dark.
Universal Robots aims for A/NZ growth with new hire
Peter Hern takes on the role of leading customer support, sales and partner development for Universal Robots in Australia and New Zealand.
CylancePROTECT now available on AWS Marketplace
Customers now have access to CylancePROTECT for AI-driven protection across all Windows, Mac, and Linux (including Amazon Linux) instances.