Oracle will buy Textura Corporation, a provider of construction contracts and payment management cloud services, in a deal valued at approximately $663 million.
Textura’s cloud services process $3.4 billion in payments for over 6,000 projects each month, keeping projects on time and under budget while reducing risk for developers, contractors and subcontractors.
Textura offers cloud services in a consumption model preferred by the engineering and construction industry. Usage of Textura’s cloud services creates a network effect that benefits all participants as more than 85,000 general and subcontractors are connected to the platform.
Oracle Primavera offers cloud solutions for project, cost, time and risk management. Oracle Primavera and Textura will form the Oracle Engineering and Construction Global Business Unit offering cloud-based project control and execution platform to engineering and construction projects.
“The 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 Mike Sicilia, SVP and GM, Engineering and Construction Global Business Unit, Oracle.