October 6, 2014
iSqFt and BidClerk have announced that they have finalized and closed a transaction that merges the two fastest-growing, most innovative SaaS companies in the commercial construction software segment. The combined company will result in the new iSqFt offering a unique array of products and services, allowing construction companies to take control, network, and grow their businesses.
Dave Conway, CEO of the combined company, is excited to bring together a great team, leading-edge technology, and the industry’s best data. “There’s never been a combination like this. Together we can offer our customers the industry’s best network and most actionable project data with technology that lets customers use the information and data in new and incredibly useful ways.”
Conway explains that the merger makes perfect sense because each company’s strengths are so complementary to the other.
iSqFt’s general contractors are able to access the largest national database of subcontractors, and streamline their entire bidding process. Subcontractors get access to more projects, more general contractors, and better productivity tools. Building product manufacturers, suppliers, and distributors find information and tools that allow them to proactively create new relationships and sales opportunities. And all of iSqFt’s customers are connected by iSqFt’s proprietary network, which makes it easy to connect, communicate, and work more efficiently.
BidClerk offers construction data coverage in both the United States and Canada that connects building product manufacturers and construction professionals to key project participants. Using proprietary research methods that have created relationships with thousands of architects, engineers, general contractors, municipalities, and governmental agencies, BidClerk is able to provide complete visibility of the project lifecycle, from planning stages to bidding to completion, using a unique set of tools and advanced analytics.
The focus of the new iSqFt, with the combined strengths of both companies, will be to connect professionals with business opportunities throughout the planning and bidding construction process to help their businesses grow.
“The real winners here will be our customers,” says Mike Gaynor, CEO of BidClerk. “The merger of BidClerk and iSqFt is going to bring unprecedented advantages to the construction industry starting right now. Together, we’re going to change how our industry gets the job done.”
Johnathan Ivey, Senior Vice President Sales & Marketing with Atlas Sound, is excited at the prospect of iSqFt and BidClerk joining forces. “I’ve been very happy with iSqFt,” says Ivey, “but I’ve seen BidClerk and liked that they included planning projects, and analytics with data visualization. I can see how the combination of these two companies will create larger and more diverse project opportunities, both public and private. This will be really good.”
The merger is a result of a growth equity investment provided by Genstar Capital, LLC, a leading middle-market private equity firm with a history of investing in vertically-specialized SaaS and information services companies.
“Given the complementary nature of the two companies,” said Eli Weiss, a Principal at Genstar, “we believe that the combined organization will be able to accelerate its revenue growth while offering its customers a unique set of solutions. Genstar is excited to support this management team for future add-on acquisitions to add to the technology offerings of this platform company.”
Aeris Partners acted as the exclusive financial advisor to iSqFt and BidClerk.
Cincinnati, Ohio-based iSqFt is a leading software-as-a-service company, serving the commercial construction industry by offering its customers access to a network that connects tens of thousands of general contractors, subcontractors, suppliers, and manufacturers. iSqFt helps its customers thrive by offering the information and tools they need to work more efficiently and profitably. For more information about iSqFt and its applications, visit www.isqft.com or follow us on Facebook and Twitter.
Headquartered in Chicago, BidClerk is a leading provider of construction data in the United States and Canada. For over a decade, the Company has connected construction professionals with opportunities at various stages of the construction process. Proprietary research methods have created relationships with thousands of architects, engineers, general contractors, municipalities and governmental agencies. BidClerk provides unique tools that give subscribers visibility of the project lifecycle, from planning stages to bidding to completion. For more information about BidClerk, please visit www.bidclerk.com.
About Genstar Capital Management, LLC
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of over $3 billion and targets investments focused on selected sectors within the industrial technology, financial services, software, and healthcare industries.