Coaxis Receives $76 Million Investment from Global Growth Private Equity Firm TA Associates
Coaxis Inc., today announced that it has received a $76 million minority investment from TA Associates, a global growth private equity firm.Portland, OR and Boston, MA, July 25, 2012 --
Coaxis Inc., parent company of Viewpoint Construction Software, a leading provider of financial accounting compliance, operational, project and document management software for global construction companies today announced that it has received a $76 million minority investment from TA Associates, a global growth private equity firm.
Coaxis, through its Viewpoint subsidiary, provides software for mid-sized and large construction firms, including general contractors, heavy highway and specialty subcontractors. Recently named one of the fastest growing companies in Portland and “Oregon’s Best Software Company of 2012” by TechAmerica Oregon, the company has benefitted from strong customer relationships and sustained reinvestment over the past 35 years and now counts over 20 percent of the Engineering News-Record (ENR) 400 contractors as customers. In the broader construction market, over 600 contractors have adopted Viewpoint products into their operation during the past 30 months and this trend is increasing. Coaxis Viewpoint now counts 1,200 construction firms using their products. The TA investment will help Viewpoint in its core business model and accelerate the flow of new products and services to this growing base of global contractors.
"The Coaxis team is very enthusiastic about our new relationship with TA Associates," said company CEO Jay Haladay. “I have enjoyed a four-decade connection with the construction market, and I am more energized coming to work now than at any time in my career. We have an opportunity to transform the construction industry by providing even deeper and broader construction-specific software functionality combined with efficient connections to other project stakeholders and easier to use software and services. These capabilities create substantial cost savings and efficiency levels in the context of complex construction projects. We will execute on this vision by both enhancing our products and strategically acquiring other product capabilities.”
The construction industry overall represents approximately 13 percent of global economic output (GDP). Coaxis Viewpoint currently serves the U.S., Canadian and Australian markets for commercial contractors, heavy civil contractors and specialty subcontractors. According to ENR, the North American market for commercial contractors, heavy civil contractors and specialty subcontractors is a $275 billion+ market. Coaxis Viewpoint’s growth over the past five years has made it the software trendsetter in the geographies it serves today with a view to extending this momentum.
"TA’s investment is a vote of confidence in a talented management team that is transforming the information technology available to the construction market," said Harry D. Taylor, a Director at TA Associates who will join Coaxis’ Board of Directors. "We have monitored the Company’s progress for some time, and our observations, conversations with Viewpoint customers and market validation indicate that their products, services, values and collaborative company culture all differentiate the firm in this growing market.”
“This investment will enhance Coaxis’ strategic and organizational framework and expand its industry leading software solutions products and services for the construction marketplace,” said Ashutosh Agrawal, a Principal at TA Associates who will also join Coaxis’ Board of Directors. “We are excited to partner with the Coaxis team, the Haladay family and current investor, Updata Partners, to be part of this positive momentum."
“We are proud of the success we have achieved together with Coaxis,” said John Burton, General Partner, Updata Partners. “Jay Haladay and his team are consummate professionals. Their efforts have enabled contractors to leverage technology in ways never before possible. The resources of TA Associates will accelerate these advances and further the changes the Viewpoint products are making in the construction industry.” Updata Partners will retain an investment in Coaxis and Mr. Burton will remain on its Board of Directors.
About Coaxis Viewpoint Construction Software
Coaxis Inc. is the parent company of Viewpoint Construction Software. Viewpoint Construction Software has a long-standing focus on meeting the information needs of construction companies, achieving a leadership position in construction-specific ERP and ECM software. Viewpoint’s V6 software is an ERP suite of integrated applications for accounting, human resources, project management and construction operations. Construction Imaging is an ECM and workflow suite with complete integration to Viewpoint and other industry accounting and project management applications. Available as cloud and on-premise solutions, Viewpoint’s configurable and scalable products address the unique needs of leading firms throughout the U.S., Canada and Australia. For more information, visit www.viewpointcs.com.
About TA Associates
Founded in 1968, TA Associates is one of the largest and most experienced middle-market growth private equity firms. The firm has invested in over 400 companies globally and has raised $18 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the healthcare, technology, financial services, business services and consumer industries. More information about TA Associates can be found at www.ta.com.
About Updata Partners
Updata Partners invests in rapidly growing software, digital media, and technology-enabled business services companies. Members of the Updata investment team are information technology specialists – entrepreneurs, operators and investors with deep experience and successful track records in the industry. Since the mid-1990's, members of Updata Partners have invested in more than 60 software, internet and business services companies. Updata Partners manages nearly $500 million in capital from top-tier institutional partners. For more information, please visit www.updatapartners.com.
The press release can be found here: http://www.viewpointcs.com/Demos-Info/News/itemid/39.aspx