Oracle on Thursday announced that it has bought Texture, a provider of cloud-based contract and payment management solutions for the construction industry. The company acquired the company for $663 million.
Oracle said that it’s own Primavera software will team up with Textura to form a new global business unit, Oracle Engineering and Construction.
The transaction, already approved by Oracle’s board, will be completed before the end of the year. This is the 101st acquisition for Oracle.
“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 Mike Sicilia, SVP and GM, Engineering and Construction Global Business Unit, Oracle, in a statement.
He added: “Together,Textura and Oracle Engineering and Construction will have the most comprehensive set of cloud services in the industry.”
Textura processes $3.4 billion in payments for over 6,000 projects monthly, with over 85,000 contractors and others connected to the platform.
Adding Textura to its existing Primavera business completes a chain of cloud-based services that Oracle wants to be implemented to complete construction projects.
Here’s the full cycle now completed by the Textura purchase.
The entire Textura team will be integrated into the Oracle family.
“Textura’s mission is to bring workflow automation and transparency to complex construction projects while improving their financial performance and minimizing risks,” said David Habiger, Chief Executive Officer, Textura, 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.”