Oracle Buys Textura for $663 Million Dollars

By definition, “Oracle”, means a person through whom a deity is believed to speak, which is appropriate because many of us like to think that technology IS a precious deity, as we hang on its every word in news.

It makes sense that the tech company, Oracle, represents a second interpretation of its namesake as: a person, or in this case, a tech giant, who gives wise or authoritative decisions or opinions- as was done this week- when Oracle bought Textura, a tech company with a troubled past, and put its history of profit loss, lawsuits, and funky book-keeping to rest.

The demand for Textura’s product is high as it provides contract and payment cloud services for the construction industry, facilitating some 6,000 projects per week. Oracle’s plan is to combine Textura with Oracle’s Primavera business product to form one engineering and construction operating unit.

Oracle bought Textura for 633 million dollars, which seems like a lot of money, but when you look into the crystal ball of Textura’s future, you’d see that money acting more as a life raft in a sea of fiscal mess.

Business Insider reported the company’s profit loss at the millions and cited its imperfect past as a factor of financial woe.

“Textura has never declared a profit. In its last fiscal year, it had reported about $87 in revenue and a net loss of nearly $17 million.”

Citron Review investigated the company to find several indicators of illegal activity- including a lawsuit from a woman who claimed to have been fired after disclosing that she was pregnant.

“Citron issued a scathing report on Textura filled with words like “fraud” and “fraudulent.” Left (Andrew left of Citron) took issue with things like how the company was reporting revenue and how it was predicting its profit trajectory.”

Oracle’s plans to integrate Textura’s cloud service with existing Primavera Enterprise Project Portfolio Management product, an enterprise grade businesses collaborate, gain insight and control large projects.

For more on Cloud Computing Platforms and Vendors, visit our 2016 Cloud Platform Vendor Buyer’s guide for a better understanding of what makes companies like Oracle stand out from the crowd.