Oracle收购Textura - 应对支付和建筑的金融供应链和更多

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Oracleannounced Thursday it agreed to acquire Textura, a cloud-based solution for the construction industry with end-to-end capabilities spanning from initial bid estimation and sourcing through to subcontractor management, communication and collaboration, invoicing and payment.

“Textura’s mission is to bring workflow automation and transparency to complex construction projects while improving their financial performance and minimizing risks,” Textura CEO David Habiger said in a statement.

The $633 million transaction values Textura at roughly 8X trailing revenue and represents an over 30% premium to the previous day’s close, a stiff price for a product that will complement one of Oracle's existing solution lines. WhileOracle Primaveraoffers a complete suite of cloud solutions for project, cost, time and risk management, Trade Financing Matters’ quick analysis of the combination suggests it will surely add to Oracle’s arsenal with deeper industry and multi-tier E&C capability (a significant differentiator for Textura). Moreover, it will also complement other Oracle solutions, such asProject Procurement.

In layman's payables terms, the Textura payment mechanism is essentially like a pull-system version of an评估收据结算方法。当其他层次的供应商得到支付时，供应链中的参与者。谁知道建筑在其多层营运资金管理中更具侵略性（例如，高科技行业的VMI + JIT集线器）比高科技！

However even with Textura, engineering and construction (E&C) functional gaps will still remain for Oracle in the E&C project lifecycle, including providing the level of subcontractor on-boarding and compliance management capability that software and managed services providers, such asAvetta, formerly PICS Auditing, offer today.

付款和E＆C金融供应链

一个引起对金融服务公司交易感兴趣的一个领域Greensill Capitalhelped develop Textura’s Early Payment Program through a partnership. Payment is one of the biggest problems in the $2 trillion construction industry today. There are many unique challenges involved with providing financing for construction receivables, not limited to:

• 合同条款— Construction contracts often include terms such as “paid when paid” and “paid if paid.” In trying to find skilled lower-tier subcontractors (including members of the trade), primes and larger subs generally face a skill shortage globally. Many contractors do not pay until paid and then sit on the cash. In construction, the subcontractor has already ordered the materials and provided labor for weeks or months, yet the billing cycle starts at the end of the month.
• 进度付款— For larger and longer jobs, most contractors are required to bill as they progress throughout the project and reach certain milestones.
• Retainage— Most general contractors will withhold 5%–10% from each billing until the entire project has been completed.

Having software that can both manage the end-to-end project lifecycle for all participants in the E&C supply chain while facilitating a more rapid flow of capital to subcontractors is extremely valuable, including from a supply chain risk management perspective. Moreover, the weighted average cost of capital (WACC) arbitrage opportunity between tiers in the E&C market is significant indeed.

As background on its solution, Textura rolled out an initiative back in April 2015 with Turner Construction as its launch partner client. The program is now available broadly to general contractors.

Oracle: Playing Catch-Up to SAP/Ariba in Trade Financing

从Oracle的角度来说，更广泛地，在整个采购和供应链产品套件中，有重大机会嵌入贸易融资能力（例如，发票折扣，SCF /反向体内，库存融资等）。这是一个市场SAP / ARIBA.正在进行新的能力和伙伴关系的严重投资，Textura收购可能是一种不仅要占据特定垂直的手段，而且旨在追赶其拱门企业应用程序竞争对手。

最后，收购求求出问题：Textura将在E＆C工业中坐在“独立”中，或者将其一些跨越其他垂直的人作为更广泛的Oracle商业网络播放的一部分，再次可能为SAP / Ariba提供替代方案？

贸易融资Matters andSpend Matterswill continue to provide additional reporting, analysis and commentary on the transaction as more information becomes available.