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. With more than 70,000 user organizations globally,[2] Aconex provided the most widely used cloud-based, multi-company project collaboration solutions for construction and engineering.[3]

Aconex Limited
Public
IndustryComputer software
SuccessorOracle Corporation 
FoundedMelbourne (2000)
Defunct17 December 2017 
Headquarters
Key people
Leigh Jasper, CEO and co-founder
Robert Phillpot, SVP and co-founder
ProductsAconex Platform, Aconex Connected BIM, Aconex Field, Aconex Handover
Revenue$123.4m AUD (2016)[1]
WebsiteAconex

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).[4][5] Shareholders approved the takeover bid on 14 March 2018; Supreme Court of Victoria approval was granted on Thursday, 15 March 2018.[6]

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).[7] 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,[7] 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.[8]

In September 2008, Aconex secured an A$107.5m private equity investment from US-based technology investor Francisco Partners.[9][10] 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.[11]

The company completed its initial public offering (IPO) of ordinary shares on December 9, 2014 and is listed on the Australian Securities Exchange (ASX) under the ticker code ACX.[12]

In mid-2015, Aconex purchased the Incite Keystone platform from CIMIC group.

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]

  • Construction project information and process management (managing processes, documents, drawings, building information models, communications, workflows, audit trails, and other project information online - both mobile and web access)
  • Construction field management (managing field inspections and issues from mobile devices)
  • O&M manuals (developing digital operation and maintenance manuals for post-construction handover to asset owner and dynamic management of asset information)
  • BIM data and process management (accessing and managing BIM models at the object level for project management)
  • Interface management (identifying and resolving interface issues on oil and gas projects)

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

References

  1. "Aconex Reports FY16 Results: $123.4m Revenue, $13.6m EBITDA", aconex.com. Retrieved 18 October 2016.
  2. "How can we help?". Aconex. Retrieved 2013-06-04.
  3. "Aconex | Online Project Management | Document Management Software | Project Collaboration for Construction and Engineering". www.aconex.com. Retrieved 2017-02-13.
  4. M. Stewart, Robb (December 17, 2017). "Oracle to Buy Australian Software Maker Aconex". Wall Street Journal. New York City, New York. Retrieved December 18, 2017.
  5. https://www.reuters.com/article/us-aconex-limited-m-a-oracle-corp/oracle-corp-to-buy-australias-aconex-for-1-19-billion-idUSKBN1EB0TL
  6. "Aconex shareholders vote in favour of scheme" (PDF). Australian Stock Exchange. March 14, 2018. Retrieved March 14, 2018.
  7. Wilkinson, P. (2005) Construction Collaboration Technologies: The Extranet Evolution Taylor & Francis, London.
  8. 2006 Australian Export Awards National Winners "Archived copy". Archived from the original on 2012-02-27. Retrieved 2011-11-07.CS1 maint: archived copy as title (link)
  9. "Aconex lands private equity deal", The Age, 22 September 2008, http://www.theage.com.au/business/aconex-lands-private-equity-deal-20080921-4l2d.html
  10. "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
  11. Construction IT (Finally) Completes the 'Tower of Babel': Interview with Aconex CEO Leigh Jasper,http://www.huffingtonpost.com/james-grundvig/construction-it-finally-c_b_2852548.html/
  12. Australian Securities Exchange website http://www.asx.com.au
  13. Yueyang, Maggie Lu (18 March 2016). "Aconex snaps up Conject for $96m". The Australian. Retrieved 2 April 2016.
  14. Oracle buys Aconex
  15. Online collaboration for project information management with Aconex http://www.aconex.com/solutions
  16. A look at BidConTender, http://extranetevolution.com/2011/05/a-look-at-bidcontender/
  17. The Future of Construction Technology,http://www.constructech.com/news/articles/article.aspx?article_id=9407/%5B%5D
  18. Aconex Touts Integration with New Field App, https://enr.construction.com/technology/information_technology/2012/1008-aconex-field-app-touts-integration.asp/
  19. New Product Aims to Ease Operations and Maintenance Handover for Capital Projects, http://www.cadalyst.com/cad/building-design/new-product-suite-aims-ease-operations-and-maintenance-handover-capital-projects/
  20. Project Management System Aims to Share and Enrich Building Information Models With Facility Data Tom Sawyer. Engineering News-Record, October 29, 2014.
  21. Aconex Launches Dynamic Manuals for Mobile Handover,"Archived copy". Archived from the original on 2014-11-08. Retrieved 2014-11-07.CS1 maint: archived copy as title (link)


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