Construction
GlobeNewswire | September 14, 2023
COMPASS by Bespoke Metrics, a leading provider of prequalification and risk management technology, today announced the integration of its prequalification system with the Procore platform, marking a significant milestone within its involvement on the Procore App Marketplace. Procore Technologies, Inc. is a leading global provider of construction management software and launched the Procore App Marketplace in 2016 as an online hub for third party integrations and custom applications modernizing the everyday life of the construction professional. This expanded integration will weave COMPASS's Prequalification tool into Procore's digital workspace, setting a new benchmark for improved precision and an upgraded user experience during the critical preconstruction phase.
"COMPASS and Procore are both committed to improving risk management across the construction industry and supporting quality-based selection," said Michael Ho, CEO of Bespoke Metrics. "This enhancement will allow us to leverage our shared vision and expertise to provide a more comprehensive and efficient preconstruction process."
The integration of COMPASS's prequalification system with Procore aims to redefine the bidding dynamic. This will make it easier for general contractors to find and hire prequalified specialty contractors, helping save valuable time.
"With a mission to connect everyone in construction on a global platform, this collaboration with COMPASS marks a significant step towards achieving this goal," commented Kris Lengieza, vice president, global partnership and alliances of Procore. "The integration of COMPASS's prequalification tool with the Procore platform will help our customers mitigate the risk of engaging stakeholders who lack financial stability. This can ultimately help decrease the potential for project delays and failures.”
COMPASS will be sponsoring this year's Groundbreak event. Join us at Booth #31 to learn more about our integration with Procore and how it's reshaping the construction landscape.
ABOUT BESPOKE METRICS
Offering multi-language concierge service for both subcontractors and general contractors, COMPASS by Bespoke Metrics is a leading prequalification platform that supports industry-wide data collection, verification, and analytics. Through the COMPASS 1Form, subcontractor data is collected using a unique standardized approach, while giving subcontractors full control of their data. General contractors benefit from the analytics derived from standardized data, enabling them to effectively manage project and default risks.
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Engineering Tech
Business Wire | October 17, 2023
Bowman Consulting Group Ltd., a national engineering services firm delivering infrastructure solutions to customers who own, develop and maintain the built environment, today announced the acquisition of Dennis Corporation (“Dennis”), a civil engineering, surveying and construction management firm headquartered in Columbia, SC.
Supporting public and private sector clients, Dennis specializes in delivering general civil infrastructure planning and design; program and construction management and oversight; environmental and geotechnical services for traffic and transportation; intelligent transportation systems (ITS), aviation, water resources and public sector facilities.
With a rich history of client-focused services, sustainable engineering practices and forward-thinking solutions, the firm has a proven reputation of success. Established in 2005 by current CEO Dan Dennis, the firm has grown to become one the largest locally owned engineering, surveying and construction management firms in South Carolina. All 40 technical and administrative professionals will become Bowman employees in connection with the acquisition.
“Dennis Corporation embodies a culture of commitment to unparalleled client service, which aligns perfectly with our cultural values, making them a great fit for Bowman,” said Gary Bowman, chairman and CEO of Bowman. “Their focus on transportation, construction management and surveying complement recent acquisitions we’ve made, and their geographic footprint introduces us to an attractive growth market in a familiar region. We’re looking forward to getting Dan and his team onboard and integrated into our platform so we can start sharing work and growing our collective base of business through revenue synergies.”
“Becoming a Bowman company begins an exciting new chapter in our proud story,” said Dan Dennis, CEO of Dennis Corporation. “Our employees are looking forward to the suite of professional development platforms available at Bowman. We’re anxious to contribute to Bowman’s work-sharing mindset and we’re excited about the opportunities we will have to expand our service offerings and increase our exposure to clients and markets.”
Financed with a combination of cash, seller notes and equity, the acquisition falls within previously discussed target multiple and operating metric ranges and is expected to be immediately accretive. The Company anticipates the acquisition will initially operate at an annualized net service billing run rate of approximately $4.5 million. More detailed information on M&A activities, pipeline and guidance updates are provided in connection with scheduled quarterly and annual communications.
About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is a national engineering services firm delivering infrastructure solutions to customers who own, develop and maintain the built environment. With over 2,000 employees and more than 80 offices throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN.
About Dennis Corporation
Since 2005, Dennis Corporation has operated as an engineering, survey and construction management firm committed to innovative designs, sustainable solutions and high-quality services for clients in South Carolina. The firm employs highly trained and experienced personnel who utilize the latest equipment and software for design and construction management. The construction services division has all the necessary DOT, environmental, OSF and OSE certifications and equipment required to perform field inspections and testing. Managing projects throughout the state of South Carolina, the Dennis team understands the importance of completing projects within budget and ahead of schedule. For more information on Dennis Corporation, their projects and their services, visit www.denniscorporation.com.
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Construction
Newswire | September 12, 2023
Billd, a leading construction payment provider for commercial trade contractors, and STACK Construction Technologies, a pioneering construction software platform, enhanced their strategic partnership today in a way that will allow subcontractors to accelerate their growth like never before. Billd's financing solutions are now embedded in STACK's Takeoff and Estimating platform, allowing subcontractors to instantly access working capital during preconstruction. The new integration will empower subcontractors to increase bid volume, secure working capital, and strengthen supplier relationships, accelerating business growth without the financial constraints of the industry's broken payment chain.
"We encourage all of our customers to think about working capital availability, and if necessary, financing costs, as early as possible," said Billd CEO and Founder, Chris Doyle. "This integration equips subcontractors to be proactive about project finances and bid, plan, and make promises to customers confidently, knowing that financial backing is readily available."
Supply chain finance has been historically unfair to subcontractors, leaving them footing the bill for materials and labor far before they're paid for their work. Subcontractors wait twice as long as industry peers to be paid, averaging 74 days (almost two and a half months) after starting a project.
By leveraging Billd Connect, Billd's suite of embedded financing apps, STACK will provide access to working capital solutions to their customers while they estimate the cost of upcoming projects. STACK's best-in-class software empowers contractors with accurate and customizable estimates, reducing the risk of underestimating costs and overextending resources. Meanwhile, Billd's material and invoice financing bridge the gap in subcontractor cash flow, reducing the risk of overextending working capital. By providing subcontractors with hyper-accurate takeoffs and estimates along with upfront funds for materials, joint customers can mitigate the uncertainties of payment cycles and bid with confidence.
"The integration of construction technology is no longer a luxury—it's a necessity," said STACK's CEO and Co-Founder, Phillip Ogilby. "The construction industry has been plagued by subcontractors not getting paid on time, leading to disruptions, delays, and stalled growth. Our streamlined takeoff, estimating, and proposal solutions paired with Billd's financing options mean subs can focus on what matters. Taking the guesswork out with accurate estimates and having predictable revenue is a huge win. I wish I had this growth opportunity when I was a roofing contractor."
Subcontractors need financing and they need it early in the process. Billd offers 120-day terms on material purchases, enabling subcontractors to improve their cash flow to take on larger projects, get more estimates out the door, and focus on investing in their long-term plan.
About STACK Construction Technologies
From project evaluation to completion, contractors use STACK's cloud-based software to help run their business and maximize their profits. Our preconstruction solutions enable fast and accurate takeoff and estimating, as well as providing a centralized hub where plans, specs, and other construction documents can be stored, evaluated, measured, and shared. Our construction solutions power real-time field and project collaboration by allowing teams to quickly and easily review, annotate, compare, and share plans, anywhere, from any device. STACK's superior collaboration tools ultimately improve project outcomes and profitability for contractors.
About Billd
At Billd, we provide a payment solution that enables commercial construction contractors to free up cash for material purchases while enjoying the flexibility of 120-day payment terms. You get financing for commercial materials upfront with the freedom to pay it back at your own pace. Learn more about how we can help eliminate your company's cash-flow problems so you can win more bids and grow your business.
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