Omaha Firm’s Acquisition Creates Market Leader In Construction Management Software Industry
Omaha-based Buildertrend recently acquired CoConstruct in a move that brings together more than 23,000 clients in the independent and custom residential construction business, according to a news release.
The acquisition of CoConstruct, a provider of construction project management software for the residential construction industry, was announced last month by Buildertrend, a provider of cloud-based construction management software for homebuilders, remodelers and specialty contractors.
Bain Capital Tech Opportunities and HGGC provided funding for the acquisition, with an investment by Serent Capital in the combined company. Co-founder and CEO Dan Houghton will lead the combined company alongside co-founders Steve Dugger and Jeff Dugger. CoConstruct founder Donny Wyatt will serve as an advisor to lead integration efforts.
Buildertrend is the largest construction management software platform for independent and custom homebuilders, contractors and remodelers. Its software helps coordinate projects, control finances and communicate with clients and crews. Its integrated software as a service platform offers flexible project management, bookkeeping, supplies procurement, customer engagement and payments services, the company said in a news release.
“Our industry is one of the fastest growing in the U.S., yet it lags in digital innovation and relies on antiquated project management systems to overcome a complex value chain and fragmented contractor ecosystem,” Houghton said. “This acquisition, together with continued support from our best-in-class set of enterprise software investors, positions Buildertrend to significantly expand our market share and continue delivering innovative, value-added solutions that improve client success and efficiency.”
CoConstruct was founded in 2005 in Charlottesville, Virginia.
“It’s rare to see two market-leading providers share a full-breadth of complementary operations and product capabilities, but each with their own unique ways of addressing customer challenges,” Wyatt said. “We’re thrilled to bring together our complementary approaches and build an even stronger platform with the combined teams’ scale and shared culture of innovation.”
Spurrier Capital Partners served as the exclusive financial advisor to Buildertrend. Cooley LLP served as legal adviser to Buildertrend. PricewaterhouseCoopers and Kirkland & Ellis LLP served as financial and legal advisers, respectively, to both Bain Capital and HGGC. Choate, Hall & Stewart and Polsinelli served as legal advisers to Serent Capital and CoConstruct. For more information on Buildertrend, visit buildertrend.
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