Australia's Aconex gets cash boost

United States private equity firm Francisco Partners has injected $107.5 million into Melbourne-based software-as-a-service company Aconex.

United States private equity firm Francisco Partners has injected $107.5 million into Melbourne-based software-as-a-service company Aconex.

Aconex CEO Leigh Jasper
(Credit: Aconex)

Aconex was founded back in 2000. The company's primary product is a solution for online document management in construction projects, which is provided using the software-as-a-service business model. The company counts most of the major construction and engineering companies in Australia (such as Brookfield Multiplex and Grocon) amongst its customer roster.

In a statement issued this morning, Aconex, which employs more than 350 people across 37 offices around the globe, said it would allocate the funding to product development as well as acquisitions, in addition to hiring around 50 new staff within its Melbourne-based development team.

"There has been considerable interest in Aconex from potential investors in the US and elsewhere," said the company's chairman Martin Hosking. The investment represents the second major move by Francisco Partners in Australia in as many years, after the US firm bought Brisbane-based mining resources software firm Mincom in May 2007 for $315 million.

Hosking appeared to hint that Aconex could become a publicly listed company at some point, saying Francisco had "extensive experience in assisting technology companies to structure and prepare for initial public offerings".

Aconex is led by chief executive and co-founder Leigh Jasper.

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