Charlottesville construction software company acquired by Neb. firm
Buildertrend buys CoConstruct
Omaha, Nebraska-based construction management software company Buildertrend announced Wednesday it has acquired Charlottesville-based CoConstruct, a similar software company.
Financial terms of the transaction were not disclosed, but the two businesses in 2020 served a combined 23,000 clients and more than 1.1 million users, representing more than $200 billion in annual construction projects. The transaction creates a company that will offer software services for project management, bookkeeping, supplies procurement, customer engagement and payments services.
Funding for the acquisition was provided by Bain Capital Tech Opportunities and HGCC. CoConstruct investor Serent Capital will reinvest in the combined company.
“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,” Buildertrend co-founder and CEO Dan Houghton said in a statement. “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.”
Houghton and other co-founders Steve and Jeff Dugger will lead the combined company. CoConstruct founder Donny Wyatt will serve as an adviser.