OMAHA, Neb. and CHARLOTTESVILLE, Virginia., February 24, 2021 / PRNewswire / – Buildertrend, the leading provider of cloud-based construction management software for home builders, renovators and specialty contractors, today announced the acquisition of CoConstruct, a complementary software provider to management of construction projects for the residential construction sector. Funding for the acquisition is provided by a growth investment in Buildertrend by Bain Capital Tech Opportunities and HGGC. CoConstruct’s existing investor, Serent Capital, reinvests in the combined company. Co-founder and CEO of Buildertrend Dan Houghton will lead the combined company alongside co-founders Steve Dugger and Jeff Dugger. Founder of CoConstruct Donny Wyatt will serve as an advisor to lead integration efforts.
This transaction makes Buildertrend the largest construction management software platform dedicated to giving independent and custom home builders, contractors and renovators the tools to better coordinate projects, control finances and communicate with customers. and the teams. The integrated SaaS platform offers flexible project management, accounting, supply sourcing, customer engagement and payment services to mitigate the most common issues that lead to costly and uncoordinated projects and delays. dissatisfied customers. The combined business has served 23,000 customers, over 1.1 million users, and facilitated over $ 200 billion in annual value of construction projects in 2020.
“Our industry is one of the fastest growing in the United States, but it lags behind in digital innovation and relies on outdated project management systems to overcome a complex value chain and ecosystem. ‘fragmented entrepreneurs,’ Houghton said. “This acquisition, along with the continued support of our suite of best-in-class enterprise software investors, positions Buildertrend to significantly expand our market share and continue to deliver innovative, value-added solutions that enhance success.” and customer efficiency.
CoConstruct was founded in 2005 in Charlottesville, Virginia with the mission of bringing the management of residential construction projects into the 21st century. The company has been recognized as Constructech’s # 1 software platform for construction collaboration for more than ten consecutive years, reflecting its industry-leading product portfolio that meets the growing demands of residential construction managers. Buildertrend customers will also realize cost savings and efficiency gains through the integration of CoConstruct October 2020 acquisition of CBUSA, the largest group buying organization of home builders in the country.
“It’s rare to see two market-leading vendors share a full range of complementary product operations and capabilities, but each with their own unique ways of addressing customer challenges,” said Wyatt. “We are delighted to bring together our complementary approaches and build an even stronger platform through the scale of the combined teams and the shared culture of innovation. “
“Buildertrend and CoConstruct are award-winning companies demonstrating daily to home builders, renovators and contractors that there is an alternative to the chaos of delayed and over budget projects,” said Phil meicler, Managing Director of Bain Capital Tech Opportunities. “We are proud to partner with Serent and HGGC to support the merger of these two companies, which are poised to disrupt the residential construction market,” added Scott Kirk, partner of Bain Capital Tech Opportunities. Bain Capital has provided support and resources for combining a number of its portfolio companies with other major market players including A Cloud Guru with Linux Academy, Zelis with RedCard, Navicure with ZirMed to form Waystar and HST with Casetabs.
“We were pleased to see CoConstruct leverage an innate knowledge of the residential construction project lifecycle to build one of the most trusted platforms in the industry. We look forward to partnering with Buildertrend to facilitate its next growth stage, “mentioned Kevin Frick, partner at Serent Capital.
Spurrier Capital Partners was the exclusive financial advisor to Buildertrend. Cooley LLP acted as legal counsel for Buildertrend. PricewaterhouseCoopers and Kirkland & Ellis LLP acted as financial and legal advisers to Bain Capital and HGGC respectively. Choate, Hall & Stewart and Polsinelli served as legal advisers to Serent Capital and CoConstruct.
Buildertrend is the # 1 cloud-based construction management software used by home builders, renovators and specialty contractors. The award-winning tool helps construction professionals complete more projects while reducing delays, eliminating communication errors and increasing customer satisfaction. Since 2006, over one million users in over 100 countries have chosen Buildertrend as their preferred platform for real-time collaboration every step of the way in the build process. To learn more about Buildertrend, visit buildertrend.com and @buildertrend.
CoConstruct is the top rated construction project management software for home builders and renovators, according to Gartner’s SoftwareAdvice.com ranking, and has been on the Inc. 5000 list for seven consecutive years. The company’s cloud-based construction estimating and project management tools help builders and renovators coordinate their projects, communicate better with customers and teams, and control their job finances. For more information on CoConstruct, visit www.coconstruct.com
About Bain Capital Tech Opportunities
Bain Capital Tech Opportunities (https://www.baincapitaltechopportunities.com/) aims to help growing technology companies reach their full potential. We focus on companies in large, growing end markets with innovative or disruptive technology where we believe we can support transformational growth. Our dedicated and permanent team has extensive experience supporting growing technology companies, bringing together differentiated experiences in private and public capital investments as well as in technology exploitation roles. We are investing behind long-term fundamental tailwinds as technology penetrates all sectors, creating a significant and growing number of investment opportunities. Bain Capital Tech Opportunities focuses on five priority sub-verticals: application software, infrastructure and security, fintech and payments, healthcare IT and internet, and digital media.
HGGC is a leading mid-market private equity firm with more than $ 5.4 billion in cumulative capital commitments. Situated at Palo Alto, California, HGGC sets itself apart with its beneficial investment approach which enables the company to seek out and acquire scalable businesses through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Since its inception in 2007, HGGC has made more than 200 platform investments, complementary acquisitions, recapitalizations and liquidity events with an aggregate transaction value of over $ 28 billion. More information, including a full list of current and past holding companies, is available at hggc.com.
About Serent Capital
Serent Capital invests in growing companies that have developed compelling solutions that meet the needs of their clients. As these businesses grow and evolve, the opportunities and challenges they face change with them. At Serent Capital, directors have first-hand experience seizing these opportunities and managing these challenges through their experiences as CEOs, strategic advisors and board members of growing companies. By providing expertise and capital, Serent seeks to help growing businesses prosper. For more information on Serent Capital, visit www.serentcapital.com.