ToolWatch Corporation | June 25, 2021
The Riverside Company, a global private equity company, has invested in ToolWatch Corporation, a major supplier of tool and equipment monitoring and operations management software for the construction, utilities, and oil and gas sectors. The investment prepares ToolWatch for rapid development and enables it to maintain its position as the construction industry's first and most complete operations management solution. Today, businesses all around the globe use ToolWatch to handle over 39 million tools and supplies.
Riverside associate vice president Chris Shea highlighted ToolWatch's capacity to assist clients in resolving critical issues in preconstruction planning, logistics, and throughout the supply chain as reasons for the company's decision to invest in ToolWatch. "We view construction software as a highly promising development sector. While still in its early stages of technological adoption, the construction sector is seeing a rise in software tools to manage complex operations and essential processes better. ToolWatch is well-positioned to understand the specific requirements of its clients and offer purpose-built solutions as the pioneer in introducing technology to the construction site."
ToolWatch's value proposition has always convinced customers in the construction sector to adopt technology solutions for operations management. ToolWatch products have evolved from barcodes to RFID chips, Bluetooth low-energy, and interconnectivity; expanded integration with other software platforms; and modernized to a fully cloud-based, real-time, enterprise-wide operations and production management system praised for its ease of use on the job site and in the back office.
In addition to providing capital to enhance product development and customer support, the Riverside funding will be used to seek complementary add-on acquisitions to extend the product range and provide solutions for ToolWatch's client base.
About ToolWatch Corporation
ToolWatch has been assisting businesses in managing tools, equipment, materials, and consumables for over 25 years. ToolWatch, which is simple to use and provided through a powerful, flexible platform, securely saves vital information on all warehouse and field operation assets, allowing organizations to manage their operations more efficiently, cost-effectively, and profitably.
Fero | October 18, 2021
Fero International Inc. ("Fero" or the "Company"), a provider of innovative modular solutions across multiple sectors including healthcare, disaster relief, housing, aid and defence, has signed a non-binding letter of intent ("LOI") to acquire AVL Manufacturing Inc. ("AVL"), a turnkey manufacturer, and Fero's current Canadian manufacturer, with expertise in engineering, design, development and assembly of modular enclosures across multiple sectors, based in Hamilton, Ontario, Canada.
The closing of the strategic acquisition will permit Fero to rapidly scale by leveraging AVL's existing skilled labour and intellectual property and by securing control of facilities that manufacture Fero's products. The acquisition also provides Fero with an immediate source of revenue through the continuing sale of AVL's existing suite of products. The Company will also bolster its operational team by acquiring over 70 employees, including 15 engineers, enabling Fero to fulfill product orders faster.
"We are thrilled to welcome the talented team at AVL to Fero. With AVL's bench strength and manufacturing facility, Fero is positioning itself to accelerate its ambitious global growth strategy,Combining the capabilities of Fero and AVL, including AVL's engineering expertise and a 30-year track record of executing large scale projects, we move forward with a strengthened platform to meet the demand for specialized solutions in the global modular health care and infrastructure market."
-Sabrina Fiorellino, Fero's Chief Executive Officer
The world needs innovative, cost-effective, practical solutions to quickly address major challenges and constraints in healthcare, indigenous and remote communities and areas hit hard by natural disasters. This is where Fero, leveraging the additional experience of the AVL team, can lead the way," said Vince DiCristofaro, Chief Executive Officer of AVL.
A Well Established Engineering, Manufacturing Platform and Patent Portfolio Serving a Diversified Customer Base Across North America , AVL brings diversified intellectual property, including a patent portfolio, complementing Fero's intellectual property assets, and a strong base of existing customer contracts expected to add to Fero revenues in fiscal 2022. Based in Hamilton, Ontario, AVL has a 30-year track record of designing, manufacturing, and integrating various types of power generation, energy storage, cogeneration enclosures, custom modular and complex fabrications. Since 1998, AVL has established a diverse customer base across multiple industries including oil and gas, mining, power generation, automotive, automation, construction, emergency management and energy storage. AVL works collaboratively with customers providing a full slate of services, including assembly, engineering, project management and single-source supply chain services.
About Fero International Inc.
Founded in 2020, Fero aims to improve lives through innovation in the development and deployment of rapid deployment modular infrastructure, medical technology solutions and disaster relief products. Its products are primarily intended to address circumstances of human crises, such as:
health care capacity crises, through the offering of rapid deployment intensive care units, ward rooms, surgical operating theatres, long-term care homes, and portable diagnostic laboratories;
national defence programs and disaster event crises, through the offering of safe shelters, electricity and HVAC failure solutions, portable clean water solutions, unmanned mobile modular fire detection and suppression devices and other rapid infrastructure expansion solutions to support the aid efforts government and non-governmental organizations;
access to affordable and safe housing crises, through offerings of affordable modular housing for the homeless and displaced; and
school capacity and air quality crises, through the offerings of portable classrooms and lavatories with integrated HVAC.
Fero prioritizes the adoption of good corporate governance practices to support sustainable building and manufacturing methods for Fero designed products. Fero aims to further improve lives by structuring its operations to address relevant environmental, social and economic improvement considerations.
Autodesk | July 06, 2021
When renovation on a century-old YMCA facility in Beverly, Massachusetts, started, a laser scan of the structure revealed a unique challenge: almost every ceiling in the building was slightly uneven. Reframing the building's walls would need the use of hundreds of various-sized studs. It would be a complicated nightmare to build them on-site.
As a result, Windover Construction, the firm in charge of the renovation, sought a technical solution. So they put their laser scan data into an automated steel frame fabrication equipment, which accurately produced light gauge steel studs and panels for the building, collaborating with the New Zealand-based manufacturing firm Howick. The machine also added one important feature. The new studs may telescope, shrinking down to fit more easily into and through the old building's tight spaces and extending out like a shower curtain rod put into position.
The telescoping wall stud is only one of the construction innovations created in a unique new multidisciplinary initiative sponsored by Autodesk, the creator of the industry-standard architectural design tool AutoCAD. Autodesk has established a residency program for businesses trying to utilize new technologies to address design and construction issues via its Technology Centers. Windover and Howick got together due to the program, recognizing that one had technology that could solve the other's issue.
The building business is currently a low-tech affair. Regardless of the fancy design tools and advanced building information modeling systems used by architects and engineers, once a project is under construction, it is thrown into a decentralized world of general contractors who source materials, hire workers, and build projects according to their formulas. In the business, best practices are often based on what each contractor has done in the past. A more systematic approach to construction that uses technology is still a notion rather than a reality.
The Technology Centers, situated in Autodesk locations in San Francisco, Boston, Toronto, and Birmingham, England, are similar to large fabrication laboratories where firms and researchers attempt to discover new production techniques to solve construction industry problems. The facilities, which opened in 2018, include CNC metalworking equipment, 3D printers, water jet cutting systems, 5-axis robotic arms, and laboratories where composite materials, glass, and ceramics can be used to create new components and tools. In addition, Autodesk provides residencies ranging from two weeks to two years, providing space and resources for startups, academia, and established industry players to explore new ideas and develop novel ways to design and construct.
A team of students from the University of Southern California recently used the Boston Technology Center to robotically build an intricate steel pedestrian bridge that now crosses a ravine in Los Angeles.
The pandemic prompted Autodesk to shut its Technology Centers, but Rundell said they would return gradually starting this month. In any case, the closure of the centers had little effect on the collaboration. Autodesk converted the residency program to a virtual version, allowing businesses to meet and work online. As a result, more companies showed interest in participating because they did not have to go to one of the Technology Centers or give up billable hours. The network of the residency program now includes about 160 companies and organizations.
Windover Construction has utilized the network to find additional construction solutions, including a collaboration with Fologram, an Australian mixed reality company. As a result, Windover reduced that part of the project's schedule by 70% by using Microsoft HoloLens goggles and Fologram's mixed reality technology to direct the assembly of hundreds of roof trusses for a building project.