US$1 trillion construction milestone for Oracle

By Andy Brown12 October 2021

Drone image from Oracle Innovation Lab Drone image from Oracle Innovation Lab, which tests a whole host of new construction technology

Oracle Textura Payment Management Cloud Service has revealed that it has been used to manage subcontractor payments on construction projects valuing US$1 trillion.

This milestone represents work on more than 78,000 projects since Textura first launched in 2006.

The system is used by general contractors, owners, and subcontractors of all sizes improve efficiency and mitigate payment and compliance risk by processing approximately US$9 billion in monthly payments.

Since 2018 alone, the construction value managed on the system has doubled from US$500 billion to US$1 trillion.

“Subcontractors are the lifeblood of construction projects, but paying them in a timely fashion is a problem in the construction industry,” said Mark Webster, senior vice president and general manager, Oracle Construction and Engineering.

“Textura was created to solve this complex issue and today is counted on by thousands of general contractors, owners, and subcontractors... As the digital transformation of the industry continues, we welcome the opportunity to continue strengthening project partner relationships and helping our customers succeed and grow their businesses.”

NEWSLETTER
Delivered directly to your inbox, Construction Technology Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
CONNECT WITH THE TEAM
Andy Brown Editor, Construction Technology Tel: +44 (0)1892 786 224 E-mail: andy.brown@khl.com
Eleanor Shefford Sales Manager Tel: +44 (0)1892 786236 E-mail: eleanor.shefford@khl.com
Latest News
Latest speaker for sustainability summit announced
Brian Harvey from global engineering and construction firm Jacobs to speak at free to attend event
Cummins, Komatsu cooperating on zero-emissions haul trucks
MOU between companies to focus on power advanced technologies, including hydrogen fuel cells
Alarming rise in construction disputes
New research shows almost 9 out of 10 AEC companies have dealt with a dispute in the past 12 months