Oracle has announced it has entered into a definitive agreement to acquire Textura, provider of construction contracts and payment management cloud services.

The deal, valued at approximately $663 million, adds to the Oracle Primavera offering, building on the cloud suite for project cost, time and risk management. Over recent years, Oracle has been making efforts to the re-architect the Oracle Primavera products as a software-as-a-service offering to capitalize on growing digitalization trends within the construction industry.

“The increasingly global engineering and construction industry requires digital modernization in a way that automates manual processes and embraces the power of cloud computing to easily connect the construction job site, reduce cost overruns, and improve productivity,” said Mike Sicilia, GM of Oracle’s Engineering and Construction Global Business Unit. “Together, Textura and Oracle Engineering and Construction will have the most comprehensive set of cloud services in the industry.”

The company now claims to have a complete end-to-end cloud project-solution which manages all phases of engineering and construction projects. Textura’s cloud software currently processes more than $3.4 billion in payments for general contractors, engineers, and subcontractors each month, currently accommodating more than 6,000 different projects.

“Textura’s mission is to bring workflow automation and transparency to complex construction projects while improving their financial performance and minimizing risks,” said David Habiger, CEO at Textura. “We are excited to join Oracle and bring our cloud-based capabilities to help extend the Oracle Engineering and Construction Industry Cloud Platform.”

The acquisition builds on Oracle’s continued efforts to provide industry specific solutions, where the company reportedly spends more than $700 million annually.