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Oracle周四宣布，它同意收购Textura，为建筑行业提供基于云的解决方案，其中包括从初始出价估计和采购到分包商管理，沟通和协作，发票和付款的端到端能力。
“Textura的使命是为复杂的建筑项目带来工作流程自动化和透明度，同时提高其财务表现，最大限度地减少风险，”Textura Ceo David Habiger在一份声明中表示。
6.33亿美元的交易价值Textura在大约8倍的尾随收入中占据了超过30％的溢价，以前一天的收益率超过30％，这是一个令人补充Oracle现有解决方案中的产品之一的产品的坚硬的价格。尽管Oracle Primavera.offers 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 as项目采购。
在Layman的应付款项条款中，Textura支付机制本质上是一种拉动系统版本evaluated receipts settlementapproach. Participants in the supply chain are paid when suppliers at other tiers are paid. Who knew construction was more aggressive in its multi-tier working capital management (e.g., VMI + JIT Hubs in the high tech industry) than high tech!
然而，即使是Textura，工程和建筑（E＆C）功能差距仍将留在E＆C项目生命周期中的oracle，包括提供软件和托管服务提供商的分包商立式和合规性管理能力等级，例如Avetta那formerly PICS Auditing, offer today.
Payments and the E&C Financial Supply Chain
One area that piques our interest about the transaction that financial services company格雷氏资本通过伙伴关系帮助开发Textura的早期付款计划。付款是当今2亿美元建筑业的最大问题之一。为施工应收款项提供融资，涉及许多独特的挑战，不仅限于：
- Contract terms- 施工合同通常包括“支付”和“支付的”支付“等术语。在试图找到熟练的下层分包商（包括贸易成员）时，Primes和更大潜艇通常面临全球技能短缺。许多承包商在付费之前不支付，然后坐在现金上。在施工中，分包商已经订购了这些材料并提供了数周或数月的劳动，但结算周期在月底开始。
- Progress payments对于更大的和更长的工作,大多数承包商required to bill as they progress throughout the project and reach certain milestones.
- 保留— Most general contractors will withhold 5%–10% from each billing until the entire project has been completed.
拥有能够为E＆C供应链中的所有参与者管理端到端项目生命周期的软件，同时促进更快速的资本流到分包商是非常有价值的，包括从供应链风险管理的角度来看。此外，E＆C市场之间的重量平均资金（WACC）套利机会确实很重要。
作为其解决方案的背景，Textura于2015年4月推出了一项举措，其中特纳建设为其发射合作伙伴客户。该计划现在可以广泛地提供给一般承包商。
Oracle：在贸易融资中播放追赶SAP / ARIBA
More broadly from an Oracle perspective, there is significant opportunity to embed trade financing capability (e.g., invoice discounting, SCF/reverse factoring, inventory financing, etc.) throughout its suite of procurement and supply chain products. This is a market in whichSAP/Aribaare making serious investments in new capabilities and partnerships, and the Textura acquisition could be a means not only to dominate a specific vertical but also play catch up to its arch-enterprise-applications-rival.
Finally, the acquisition begs the question: Will Textura sit “standalone” in the E&C industry or will some of it cross over to other verticals as part of a broader Oracle business network play, again potentially providing an alternative to SAP/Ariba?
贸易融资事宜和Spend Matters随着更多信息可用，将继续向交易提供额外的报告，分析和评论。
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