Oracle to Buy Textura for $663 Million
April 28 2016 - 10:12AM
Dow Jones News
By Joshua Jamerson
Oracle Corp. on Thursday said it agreed to buy cloud-services
provider Textura Corp., expanding Oracle's portfolio of engineering
and construction industry cloud offerings.
Oracle said the transaction, at $26 a share in cash, values
Textura at about $663 million, net of Textura's cash.
Redwood Shores, Calif.-based 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 Textura transaction is expected to close this year.
Oracle's cloud revenue is rising, but the total cloud businesses
of rivals such as Amazon Web Services and Microsoft Corp. are
larger. Still, Oracle says it has time to catch up.
Oracle said Textura processes $3.4 billion in payments for more
than 6,000 projects each month.
Textura on Thursday also reported results for the first quarter.
The company said revenue for the quarter grew 28% to $24.7 million,
higher than the $24 million analysts polled by Thomson Reuters were
expecting.
The company also narrowed its loss to $1.5 million, or 6 cents a
share, from $3.1 million, or 12 cents a share, a year ago. On an
adjusted basis, the company earned 9 cents a share.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
April 28, 2016 09:57 ET (13:57 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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