Oracle Signals Payments Move With £445m Textura Purchase
Deal will allow engineering and construction businesses to continue digital transformation, says Oracle
Oracle has confirmed the purchase of cloud-based payment management services provider Textura for $663 million (£445m) in cash.
The deal will see Textura, which is based in Chicago and specialises in dealing with the engineering and construction industries, combine its commerce expertise with Oracle’s cloud services.
Textura says that its cloud services process $3.4 billion (£2.33bn) in payments for more than 6,000 projects each month, helping keep projects on time and under budget while reducing risk for developers, contractors and subcontractors.
Simplified
“Textura’s mission is to bring workflow automation and transparency to complex construction projects while improving their financial performance and minimising risks,” said David Habiger, Textura CEO. “We are excited to join Oracle and bring our cloud-based capabilities to help extend the Oracle Engineering and Construction Industry Cloud Platform.”
Textura’s systems will be combined with the existing Oracle Primerva platform, which the company says has been “completely re-architected for the cloud”, as construction and engineering companies rapidly embrace digital transformation.
Oracle Primavera and Textura will now come together to form the Oracle Engineering and Construction Global Business Unit, which will look to offer a comprehensive cloud-based project control and execution platform that manages all phases of engineering and construction projects.
“The increasingly global engineering and construction industry requires digital modernisation 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, general manager of Oracle’s engineering and construction global business unit.
“Together, Textura and Oracle Engineering and Construction will have the most comprehensive set of cloud services in the industry.”
What do you know about Oracle? Take our quiz!
