*報道原文：
Takinga short-cut is one way to win a race. On Monday,Oracle offered to pay $A1.6bn ($US1.2bn) for Aconex, anAustralia-based specialist in cloud services for the construction industry,which generated revenues of $161m in the most recent year. That sales figure ismodest, compared with Larry Ellison's competition with Salesforce to reach$US10bn of cloud revenues. Investors are right to remain unenthused by thissmall deal until it becomes clear Oracle's revenues can jump withoutacquisitions.
The SiliconValley group is paying a 50 per cent premium over the undisturbed market pricefor Aconex, which has lost money in four of the past six years. Among itsattractions are annualised revenue growth of 30 per cent in five years. Theconstruction industry is playing catch-up in its adoption of digital tools.
A minority ofsales come from the increasingly competitive market in Europe and Africa,according to a study by analysts at RBC. A majority is generated by Australia,New Zealand and countries in Asia, where competition is lighter. Aconex hasapplied for approval to operate in the US, which would bolster its competitiveposition in this important market.
Despite 44 percent year-on-year growth in cloud revenues, which now account for 16 per cent ofoverall sales, investors are sceptical of Oracle's plans. Its larger businessof selling software licences has been declining and cloud services margins haveshown no clear widening trend. The group acquired NetSuite for $US9.3bn, whichimplied an enterprise value of near nine times revenues in 2016 — roughly inline with the Aconex offer. Construction cloud group Textura, similarlyacquired last year, commanded a multiple of 7.6 times revenues.
Aconex investors should welcome the transaction, which is still subject to the irapproval. Oracle shareholders must hope that, ultimately, builders, not M&A bankers, will help put the company's cloud growth on a steady footing.
