enterprise software giant Oracle made another big acquisition this week. Oracle is adding another company to its portfolio. The latest target is an Australian cloud company specializes in web-based project management software and services.

According to Bloomberg, the Redwood City-based software giant announced that it has entered into an agreement with the Australian company Aconex Limited. Oracle has acquired the Aussie company for a whopping $1.56 billion, the website reported.

The deal will help Oracle creates some of the world’s most comprehensive cloud offerings for managing all aspects of construction projects, including team collaboration and data management.

Oracle currently offers one of the construction industry’s most advanced solutions for planning, scheduling and delivering large-scale construction projects in the market. The latest deal is expected to provide an end-to-end offering for project management and delivery solutions that allow its customers to effectively plan, build and operate any construction projects, including large-scale projects.

A close about the newly acquired Aussie firm

Based in Melbourne, Australia, Aconex Limited is an ASX 200 listed public company that provides web-based collaboration technologies for construction projects. The company’s core product connects owners and builders, providing them with a more effective way of management of data and documents across all stages of the construction project lifecycle.

Aconex’s clients include companies in the infrastructure, power, mining, construction, oil and mining industries. Currently, the Australian company provides one of the most widely used cloud-based, multi-company project collaboration technology for the highly lucrative construction market.

Aconex’s technology has been used in over $1 trillion in global construction and engineering projects, including the Panama Canal extension.

This makes Aconex a top target for some enterprise companies that looking to beef up their presence in the engineering and construction market.

The deal, which still subjects to Aconex shareholder approval and certain regulatory approval, is expected to close in the first half of 2018 in late March. The deal is also one of the two major US-Australian tech deals announced this week, with the other one involved the Australian company Metronode and the US-based data center provider Equinix.

Other Oracle-related stories

Last week, Oracle CTO Larry Ellison announced that the company’s latest Oracle 18c autonomous database will be launched in January 2018. Ellison claims that the new database will help accelerate the growth of the company’s PaaS and SaaS businesses and also keep its market leadership in the database market.

According to ZDNet, the company has used its annual big IT event Oracle OpenWorld to introduce to the enterprise world its latest database product. In addition to the new database product, the company has also announced an intention to join the Blockchain bandwagon with its own Oracle Blockchain Cloud Services. The new Blockchain offering will allow users to build a Blockchain network and smart applications