Aconex Explained

Aconex Limited
Type:Public
Key People:Leigh Jasper, CEO and co-founder
Robert Phillpot, SVP and co-founder
Industry:Computer software
Products:Aconex Platform, Aconex Connected BIM, Aconex Field, Aconex Handover
Revenue:$123.4m AUD (2016)[1]
Foundation:Melbourne (2000)
Location City:Melbourne, Australia
Homepage:Aconex

Aconex Limited (ASX: ACX) was an ASX 200 listed public Australian company providing mobile and web-based collaboration technologies for project information and process management (also sometimes described as project management or project extranet systems), on a software as a service (SaaS) basis, to clients in the construction, infrastructure, power, mining, and oil and gas sectors.

On 17 December 2017, Oracle Corporation agreed to purchase Aconex in a deal valuing the business at A$7.80 per share (US$1.19 billion).[2] [3]  Shareholders approved the takeover bid on 14 March 2018; Supreme Court of Victoria approval was granted on Thursday, 15 March 2018.[4] Oracle now offers Aconex solutions via its Oracle Aconex platform.[5]

History

Aconex was founded in 2000 by Leigh Jasper and Robert Phillpot to offer construction collaboration and procurement management services (its name is a concatenation of Australian Construction Exchange).[6] However, due to low market interest in web-based procurement, it focused on expanding its online collaboration services, growing domestic revenue rapidly during the first half of the 2000s.

By late 2004, Aconex had established a presence in the UK market, and was expanding into other regions, including Southeast Asia and the Middle East. Its overseas activity helped it win the 'Emerging Exporter' award in the 2006 Australian Export Awards.[7]

In September 2008, Aconex secured an A$107.5m private equity investment from US-based technology investor Francisco Partners.[8] [9] It has since established a substantial presence in North America.

By 2014, Aconex had served construction and engineering projects with an aggregate value of more than A$800 billion, across all major geographic markets, from more than 40 offices worldwide.[10]

The company completed its initial public offering (IPO) of ordinary shares on December 9, 2014 and was listed on the Australian Securities Exchange (ASX) under the ticker code ACX.[11]

In August 2015, Aconex purchased the Incite Keystone platform from CIMIC group.[12]

In March 2016, Aconex acquired the Germany-based Conject Holding GmbH for A$96m.[13]

On 17 December 2017, Oracle bought Aconex for AUD 7.80 per share in cash.[14]

Products / services

Aconex services include:[15]

In 2011, the company launched an online bidding network, branded BidContender.[16] In 2011 and 2012, the company launched Aconex Mobile - mobile applications (iPhone and iPad) for access to the Aconex online collaboration platform.[17] In 2012, the company launched Aconex Field - a mobile field inspection and issues management solution for the iPhone and iPad,[18] and an Android version followed in 2013. Also in 2013, the company launched Aconex Smart Manuals - a collaboration solution for the post-construction handover of digital operation and maintenance (O&M) manuals.[19] In 2014, the company launched Aconex Connected BIM - an extension of the Aconex platform for BIM project collaboration[20] - and Aconex Handover - a suite of post-construction handover solutions that includes Smart Manuals and Dynamic Manuals, a mobile solution for asset information management.[21]

See also

Notes and References

  1. https://www.aconex.com/news/press-release/aconex-reports-fy16-results-1234m-revenue-136m-ebitda "Aconex Reports FY16 Results: $123.4m Revenue, $13.6m EBITDA"
  2. News: M. Stewart. Robb. December 17, 2017. Oracle to Buy Australian Software Maker Aconex. The Wall Street Journal. New York City, New York. December 18, 2017.
  3. Web site: Oracle Corp to buy Australia's Aconex for $1.19 billion . . https://web.archive.org/web/20230425210150/https://www.reuters.com/article/us-aconex-limited-m-a-oracle-corp/oracle-corp-to-buy-australias-aconex-for-1-19-billion-idUSKBN1EB0TL . 2023-04-25 . live .
  4. News: March 14, 2018. Aconex shareholders vote in favour of scheme. Australian Stock Exchange. March 14, 2018.
  5. Web site: Proven Project Delivery and Controls Oracle.
  6. Wilkinson, P. (2005) Construction Collaboration Technologies: The Extranet Evolution Taylor & Francis, London.
  7. 2006 Australian Export Awards National Winners Web site: 2006 Australian Export Awards National Winners - Australian Export Awards. 2011-11-07. dead. https://web.archive.org/web/20120227075335/http://www.exportawards.gov.au/Australian-Export-Awards-Winners-2006/default.aspx. 2012-02-27.
  8. Web site: 2008-09-21 . Aconex lands private equity deal . 2023-04-20 . The Age . en.
  9. "Aconex gears for expansion after $107.5 million injection", Andrew Colley, Australian IT, 22 September 2008, http://www.theaustralian.com.au/australian-it-old/aconex-secures-1075-million-injection/story-e6frgamo-1111117553725
  10. Web site: 2013-03-12 . Construction IT (Finally) Completes the 'Tower of Babel': Interview with Aconex CEO Leigh Jasper . 2023-04-20 . HuffPost . en.
  11. Web site: Home . 2023-04-20 . Australian Securities Exchange . en-US.
  12. Web site: 2015-08-05 . Aconex Forms Strategic Partnership With CIMIC Group . 2021-03-11 . GlobeNewswire News Room.
  13. News: Aconex snaps up Conject for $96m. 18 March 2016. The Australian. Yueyang. Maggie Lu. 2 April 2016.
  14. https://www.oracle.com/corporate/pressrelease/oracle-buys-aconex-121717.html Oracle buys Aconex
  15. Online collaboration for project information management with Aconex http://www.aconex.com/solutions
  16. Web site: Wilkinson . Paul . 2011-05-18 . A look at BidConTender . 2023-04-20 . Extranet Evolution . en-GB.
  17. The Future of Construction Technology, http://www.constructech.com/news/articles/article.aspx?article_id=9407/
  18. Aconex Touts Integration with New Field App, https://enr.construction.com/technology/information_technology/2012/1008-aconex-field-app-touts-integration.asp/
  19. Web site: New Product Suite Aims to Ease Operations and Maintenance Handover for Capital Projects Cadalyst . 2023-04-20 . www.cadalyst.com.
  20. Web site: Project Management System Aims to Share and Enrich Building Information Models With Facility Data 2014-10-29 ENR Engineering News-Record . 2023-04-20 . www.enr.com . en.
  21. Aconex Launches Dynamic Manuals for Mobile Handover,Web site: Aconex Launches Dynamic Manuals for Mobile Handover | Business to Business Software. 2014-11-07. dead. https://web.archive.org/web/20141108014635/http://www.businessaccelerate-software.com/aconex-launches-dynamic-manuals-for-mobile-handover/. 2014-11-08.

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