Oracle To Buy Textura In $663 Million Deal

Oracle Corp. said Thursday it has agreed to acquire Textura Corp. , a provider of construction contracts and payment management cloud services, in a deal valued at about $663 million, net of Textura's cash. Oracle said it will pay $26 per Textura share, sending the stock up 28% in premarket trade. Textura processes $3.4 billion in payments a month, keeping projects on time and under budget, Oracle said in a statement. "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," Oracle senior vice president Mike Sicilia said in the statement. Oracle is expecting the deal to close in 2016. Oracle shares were not yet active in premarket trade, but are up 12% in the year so far, while the S&P 500 has gained 2.5%.