CONSTRUCTION
Vonage | August 20, 2022
Vonage, a global leader in cloud communications helping businesses accelerate their digital transformation, is enabling Japan-based construction tech company Log Build to seamlessly engage with its customers via high-quality live video calls that encourage collaboration on operations and services to enhance the customer experience.
Log Build was founded with the aim of bringing to the world a service that enables truly necessary remote construction management. By integrating the Vonage Video API directly into the Log Build software, the company is able to connect with carpenters and other tradespeople via highly reliable, interactive live video calls, enabling them to reduce the time and expense associated with physical travel to the site.
Log Build has established new forms of remote site visualization apps, such as video communication apps, that enable remote on-site inspections of construction sites (Log Meet); construction site progress and safety management apps using VR (virtual reality) software (Log Walk); and 24-hour site patrols by avatar robots (Log Kun).
"I founded Log Build because even though technology has evolved, I saw from my own experience as a site manager and my position as the owner of a construction company that site management is stuck in analogue. I wanted to bring a service to the world that would realize truly necessary remote construction management."
-Kenichi Nakabori, CEO of Log Build.
When COVID-19 caused restrictions not only to the way the construction industry works, but also to the way people travel and communicate, we turned to Vonage to embed its Video API within our software to make it easy to connect with craftspeople and clients and enable high-quality remote site management of construction sites with innovative video solutions. Powered by the Vonage Video API, Log Build apps allow contractors and other customers to inspect construction sites remotely, from any location, on their preferred device, more smoothly, quickly and safely.
The rise of remote working during and post pandemic has accelerated the adoption of artificial intelligence, augmented reality and VR solutions. In 2021, the global VR market size was valued at USD 21.83 billion and is expected to expand at a compound annual growth rate (CAGR) of 15% from 2022 to 2030. Asia Pacific accounted for the largest revenue share of over 40% in 2021, which can be attributed to the growing improvements in VR technology.1
"The pandemic drove businesses to accelerate their digital transformation and rethink how they engaged with their customers. Post-COVID, businesses are not reverting to their old ways of offering services but increasing the use of digitalization and adoption of tools like artificial intelligence and video solutions to offer unique customer experiences, With the Vonage Communications Platform, we are happy to support innovative businesses like Log Build as they build the future of immersive engagement."
-Amitha Pulijala, VP of Product, Platform Services, AI and Video, Vonage.
The Vonage Communications Platform (VCP) has more than one million registered developers and offers a full suite of programmable voice, video, messaging, and email services to forward-thinking businesses throughout the Asia-Pacific market and worldwide. Through its partners, Vonage's platform is at the center of many notable transformational projects in the region, and a de facto for startups.
About Vonage:
Vonage, a global cloud communications leader, helps businesses accelerate their digital transformation. Vonage's Communications Platform is fully programmable and allows for the integration of Video, Voice, Chat, Messaging, AI and Verification into existing products, workflows and systems. The Vonage conversational commerce application enables businesses to create AI-powered omnichannel experiences that boost sales and increase customer satisfaction. Vonage's fully programmable unified communications, contact center and conversational commerce applications are built from the Vonage platform and enable companies to transform how they communicate and operate from the office or remotely - providing the flexibility required to create meaningful engagements.
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PRODUCTS,MATERIALS,CONSTRUCTION
Cornerstone Building Brands | July 28, 2022
Cornerstone Building Brands, Inc. (“Cornerstone Building Brands” or the “Company”), the largest manufacturer of exterior building products in North America, today announced that Clayton, Dubilier & Rice (“CD&R”) has successfully completed the acquisition of Cornerstone Building Brands.
Holders of a majority of the shares of Cornerstone Building Brands common stock not owned by CD&R and its affiliates voted to approve the acquisition at the Special Meeting of Stockholders held on June 24, 2022. The acquisition also received the approval of the holders of a majority of the shares of Cornerstone Building Brands common stock outstanding at the Special Meeting. With the completion of the acquisition, Cornerstone Building Brands’ common stock has ceased trading and will no longer be listed on the New York Stock Exchange.
“The closing of this transaction is an important milestone for Cornerstone Building Brands, and we are pleased to be entering our next phase of growth as a private company, With CD&R’s operational and strategic support, Cornerstone Building Brands will be even better positioned to accelerate our future growth plans and advance our journey to be the premier exterior building solutions company and deliver enhanced value to our customers. I want to thank all Cornerstone Building Brands employees for their continued dedication and hard work. This transaction is a testament to our team’s unwavering commitment to our customers and focus on executing our strategy. I am excited about the opportunities ahead for Cornerstone Building Brands, and I look forward to continuing our work together as we drive value for all stakeholders.”
-Jeffrey S. Lee, Executive Vice President and Chief Financial Officer of Cornerstone Building Brands.
J.L. Zrebiec, Partner at CD&R, said, We have long admired Cornerstone Building Brands’ business and talented team, and we are thrilled to work even more closely with its leadership team and employees in this next chapter. We firmly believe that the Company is uniquely positioned to expand on its position as the largest manufacturer of exterior building products in North America, and we look forward to working together to build on the significant momentum underway.
Centerview Partners LLC is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to a special committee of Cornerstone Building Brands’ independent directors. Sullivan & Cromwell LLP is serving as legal counsel to Cornerstone Building Brands.
UBS, Barclays, BNP Paribas Securities Corp., Goldman Sachs, Jefferies, Natixis, New York Branch, RBC Capital Markets, and Societe Generale are providing financial advisory services to CD&R. Kirkland & Ellis LLP is serving as legal counsel to CD&R on the transaction and Debevoise & Plimpton LLP is serving as legal counsel to CD&R on the financing. CD&R has obtained committed financing from Deutsche Bank Securities Inc., UBS Investment Bank, Barclays, BNP Paribas, RBC Capital Markets, Societe Generale, Goldman Sachs, Natixis, New York Branch, Jefferies, Apollo, Blackstone Credit, and U.S. Bank.
About Cornerstone Building Brands, Inc:
Cornerstone Building Brands is the largest manufacturer of exterior building products by sales for residential and low-rise non-residential buildings in North America. Headquartered in Cary, N.C., we serve residential and commercial customers across the new construction and repair and remodel markets. Our market-leading portfolio of products spans vinyl windows, vinyl siding, stone veneer, metal roofing, metal wall systems and metal accessories. Cornerstone Building Brands’ broad, multichannel distribution platform and expansive national footprint includes more than 20,000 employees at manufacturing, distribution and office locations throughout North America. Corporate stewardship and environmental, social and governance (ESG) responsibility are embedded in our culture. We are committed to contributing positively to the communities where we live, work and play.
About Clayton, Dubilier & Rice:
Clayton, Dubilier & Rice is a private investment firm with a strategy predicated on building stronger, more profitable businesses. Since its inception, CD&R has managed the investment of more than $40 billion in over 100 companies with an aggregate transaction value of over $175 billion.
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CONSTRUCTION
Hilti | July 14, 2022
Hilti North America, a global leader providing innovative tools, technology, software, and services to the commercial construction industry has streamlined the base plate design workflow for PROFIS Engineering Suite users by integrating the cloud-based software with Bentley's RAM Structural System. The agreement with Bentley Systems, the infrastructure engineering software company, gives structural engineers and designers the ability to transfer designs quicker and more accurately between the two programs.
PROFIS Engineering Suite, a user-friendly, cloud-based application helps handle the calculations and analysis of the different elements of a steel-to-concrete connection, including base plate and anchors, with easier iteration and thorough documentation. Now, RAM Structural System and PROFIS Engineering work together to streamline the workflow and help simplify the base plate anchor design process. Users can leverage the integration of RAM Structural System with the design power of PROFIS Engineering to easily import, design, and export anchor and base plate designs, while ensuring accuracy and maximum productivity. PROFIS Engineering can receive all the information needed to the baseplate and connection design in a few short clicks, helping reduce the need for manual data transfer. This method will save up to one hour per design by optimizing your workflow.
"Our customers have requested integrations between their structural analysis software and PROFIS Engineering to increase user productivity while ensuring accuracy of their design, We are eager to align with an organization like Bentley that shares our values in providing solutions that move the industry forward. Integrated with RAM Structural System to deliver a seamless experience further enables our customers to simplify the entire anchor design process from start to finish, while delivering considerable time savings for each design. This is yet another example of Hilti listening to our users and providing additional value that benefits the customer's bottom line."
-David Crawford, director of technical marketing and application solutions at Hilti North America.
At Bentley, we are always looking for ways to increase our users' engineering productivity and accuracy, said Josh Taylor, senior director of structural product management at Bentley Systems. We are excited to give our RAM Structural System users the additional benefit of a seamless interface with Hilti PROFIS Engineering to improve accuracy and save time for their structural steel-to-concrete connection designs.
Hilti customers can learn the benefits of using the RAM Structural System plugin for PROFIS Engineering by registering for the webinar Enhancing Design Productivity Through Software Integration. The webinar is presented in collaboration with Bentley Systems.
About Hilti-
Hilti is a world-leading provider of high quality, innovative and specialized tools, fastening systems and software-based solutions for the professional user. With more than 3,800 highly trained Hilti account managers, engineers, and Hilti employees throughout North America, Hilti's expertise covers the areas of powder actuated fastening, drilling and demolition, diamond coring and cutting, measuring, firestopping, screw fastening, adhesive and mechanical anchoring, strut and hanger systems, solutions for tool crib productivity as well as worker health and safety.
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