This controversial former CEO is $58 million richer thanks to Oracle
Textura sells billing software for the construction industry. Oracle will integrate it into its Primavera software. (Oracle bought Primavera, which makes project management software popular in the construction industry, back in 2008.)This acquisition is a pretty good deal for all and a very happy ending for Textura and its controversial former CEO cofounder, Patrick Allin.
Textura has never declared a profit. In its last fiscal year, it had reported about $87 in revenue and a net loss of nearly $17 million. It had about $79 million in cash.
Attacked by a famous shortIn 2014, Textura and Allin became the target of famous short seller Andrew Left of Citron Research. (Citron and Left will forever be known as for taking down Valeant, though he's had plenty of other targets, like Mobileye.)
Textura vigorously denied all wrongdoing and all accusations from Citron, claiming the report was filled with "inaccurate and misleading statements and gross distortions."
It's also worth pointing out: the short-selling game is all about betting against the company, turning a profit if the stock stank tanks.But the report left marks. A predictable class-action shareholder lawsuit and one of Textura's largest shareholder advising the board to consider selling the company, Pletz reported at the time.
Textura also became the target of an anonymously penned blog, IsTexturaOvervalued.com (which is shutting down with the Oracle acquisition), which reported on all things perceived wrong with Textura, including an odd lawsuit by a former employee who claimed Textura unlawfully fired her after she told the company she was pregnant. (Textura denied the charges, according to court documents, but with everything else going on, entered into settlement talks.)
A happy ending
His send-off package included $1.8 million in severance and a bunch of restricted stock units.This buy is a happy ending for Allin, as he still owned about 8% of the company. With Oracle's $26 a share price, his stake is worth about $58 million.
Textura did not respond to a request for comment and Oracle declined comment.
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