US software major Oracle to buy Australian project management software specialists Aconex for $1.19 billion

A sign marks a building housing Oracle offices in Burlington, Massachusetts, US. Image: Reuters[/caption]Aconex said in a statement its directors unanimously recommended the offer, with shareholders of the cloud-based project management company scheduled to vote on the bid at a scheme meeting in March next year.The Australian company specializes in web-based project management software that allows input from different teams. Its technology has been used on global projects including the Panama Canal extension.“Oracle’s offer of A$7.80 per share represents a significant premium and a high degree of certainty of value to shareholders through the cash offer and limited conditionality,” Aconex Chairman Adam Lewis said in a statement.Aconex founders Leigh Jasper and Rob Phillpot, who both have holdings of just over 5 percent, declined interview requests on Monday.The company has experienced massive share price fluctuations since listing in 2014 at A$1.90 and peaking at just above A$8.50 last year.The share price rose 45 percent immediately after trading resumed on Monday to just below the A$7.80 cash-per-share offer.Aconex, which focuses on construction projects, said it would be liable to pay Oracle about 1 percent of the deal’s equity value as a break-up fee under certain conditions which it did not specify.Oracle said in a statement that the transaction was expected to close in the first half of 2018.The proposed transaction was one of two major US-Australian technology deals unveiled on Monday, with Australian data centre provider Metronode receiving a A$1.04 billion ($791.2 million) bid from US company Equinix Inc.