Construction payment tech provider Textura Corp. has inked a sale to Oracle for $26 per share of stock, valued at roughly $663 million.
Textura was founded in 2004 by three former PwC partners who sought to make construction payments more automated and civilized—and though less of a timely, paper-based business—in exchange for contractors to pay small transaction fees.
The company became known as an important way to streamline how contractors get paid. In 2010, ENR named Patrick Allin, who founded the company with Bill Eichhorn and Howard Niden, one of its Top 25 Newsmakers. In the summer of 2013, Textura went public on the New York Stock Exchange. According to their LinkedIn profiles, the original founders left Textura late last year.
“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,” Mike Sicilia, senior vice president and general manager of Oracle, says in a statement. “Together, Textura and Oracle Engineering and Construction will have the most comprehensive set of cloud services in the industry.”
Textura’s CEO David Habiger added that the company is “excited” to see Textura rolled into Oracle’s cloud business. Company board of directors have approved the transaction, which is expected to close this year.
Website detailing the sale can be found here.