The parent company of Viewpoint Construction Software, a provider of financial accounting compliance, operational, project and document management software for the construction industry has received an inflow of cash thanks to a $US76 million minority investment.
Coaxis Inc., the parent company of Viewpoint, announced the investment from global private equity firm TA Associates on July 25.
Coaxis CEO Jay Haladay has welcomed the investment, saying the money will help Viewpoint to accelerate its flow of new products.
“The Coaxis team is very enthusiastic about our new relationship with TA Associates,” he says.
Haladay, who puts the value of the North American market for commercial contractors at $US275 billion, claims Viewpoint’s client list of 1,200 construction firms includes more than 20 per cent of the Engineering News-Record (ENR) 400 contractors.
Harry D. Taylor, a director at TA Associates who will join the Coaxis Board of Directors, says TA is confident in the software maker’s management team and is excited about its prospects going forward.
“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,” he says.
The primary operations of Coaxis, which operates in Canada, the US and Australia, revolve around its ownership of Viewpoint.
The new investment comes as construction software makers are set to benefit from increasing momentum in the Canadian construction market as well as in the residential sector of the US market.