ToolWatch Announces Strategic Investment from The Riverside Company
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.