Australia's Aconex has received a A$1.56 billion ($1.2 billion) buyout offer from US software major Oracle, sending the target's share price up 45%. 

Aconex said its directors unanimously recommended the offer, with shareholders of the cloud-based project management company scheduled to vote on the bid at a scheme meeting in March next year. 

The Australian company specialises in web-based project management software that allows input from different teams. 

Its technology has been used on global projects including the Panama Canal extension. 

"Oracle's offer of A$7.80 per share represents a significant premium and a high degree of certainty of value to shareholders through the cash offer and limited conditionality," Aconex Chairman Adam Lewis said. 

Aconex founders Leigh Jasper and Rob Phillpot both have holdings of just over 5%. 

The company has experienced massive share price fluctuations since listing in 2014 at A$1.90, and peaking at just above A$8.50 last year. 

The share price rose 45% immediately after trading resumed today to just below the A$7.80 cash-per-share offer. 

Aconex, which focuses on construction projects, said it would be liable to pay Oracle about 1% of the deal's equity value as a break-up fee under certain conditions which it did not specify. 

Oracle said in a statement that the transaction was expected to close in the first half of 2018. 

The proposed transaction was one of two major US-Australian technology deals unveiled today, with Australian data centre provider Metronode receiving a A$1.04 billion ($791.2m) bid from US company Equinix.