ENGINEERING TECH

Constrafor Announces Partnership with Bespoke Metrics to Help Subcontractors Grow their Business

Constrafor | April 23, 2022

Constrafor
Constrafor, a leading construction procurement and financing platform, is pleased to announce a partnership with Bespoke Metrics, an innovative prequalification and risk analytics company.

Constrafor and Bespoke Metrics both serve the construction industry with a strong focus on building innovative technology solutions that help subcontractors grow their business. Constrafor's Early Pay Program allows subcontractors to accelerate their payments, so they can take on more projects. Compass by Bespoke Metrics empowers subcontractors to manage all prequalification and data requests in one platform, while providing feedback on ways to increase your contract size, and likelihood to win.

Constrafor's cutting-edge procurement platform is a natural extension to the COMPASS prequalification tool, as it allows subcontractors to seamlessly interact with their existing and new General Contractors.  Constrafor and Bespoke Metrics are uniquely placed to provide an integrated solution to help subcontractors streamline their pre-construction and take on more projects.

"We are thrilled to partner with Bespoke Metrics, a like-minded, innovative company focused on making contractors' lives easier.  The construction tech space has few options for integrated Prequal, Procurement and Financing, and we are excited to be at the forefront with Bespoke Metrics" says Anwar Ghauche, Founder and CEO of Constrafor.

"Prequalification and procurement go hand in hand, and we couldn't think of a better company to work with than Constrafor" said Michael Ho, CEO at Bespoke Metrics. "We share the same beliefs around using data analytics and technology to mitigate risk and ensure the success of our subcontractor partners."

About Constrafor
As a SaaS and fintech innovator purpose-built for construction, Constrafor is setting new standards of productivity and cost-efficiency for the way GCs and subcontractors manage essential back-office tasks and financial transactions.

For General Contractors, Constrafor's robust cloud platform streamlines and standardizes subcontractor procurement & administration, including contracts, COIs, invoices & payments and diversity procurement – all in one place.

For Subcontractors, the platform offers fast and cost-effective receivables financing, including an Early Pay Program (EPP) that shortens invoice payment time, frees up cash and allows them to take on more projects.


About Bespoke Metrics
COMPASS by Bespoke Metrics is a leading prequalification platform that supports data collection, verification and analytics across the entire construction supply chain. Unique to COMPASS, Subcontractor data is collected through the standard universal 1Form.  General Contractors receive data-driven analytics to support decision making to mitigate project and default risk. Subcontractors have full control over who can see their data, utilize 1Form for all their prequalifications and data requests, and deliver powerful analytics to gain new business opportunities.

Spotlight

In a retail business, compromising on quality may affect the bottom line. In the construction industry, it can cost lives. Poor construction quality costs millions of dollars in profit loss each year and accounts for hundreds of injuries, with costs related to quality issues often estimated between 2% and 20% of each project.1 Quality issues are also safety issues, putting both the construction crews and long-term users of a building at risk for injury and property loss.


Other News
ENGINEERING TECH

GameAbove Funds a New Park and Outdoor Event Space at Eastern Michigan University

GameAbove | June 16, 2022

The Eastern Michigan University alumni group, GameAbove, donates $610,000 to the GameAbove College of Engineering and Technology for a new upscale 38,000 sq. ft. park on the University's campus. Land construction began in the spring 2021 and is scheduled for completion for the fall semester and start of the 2022 academic year. The new park is on the site of the former president's house between Goddard Residence Hall and Sill Hall, which more recently housed a sorority. The redevelopment plans cover the area south of Legacy-Sponberg Theatres to West Forest Avenue. The newly landscaped space around the south side of Sill Hall toward Lowell Street will offer outdoor studying and a gathering area for students and faculty. EMU selected Michigan-based civil engineering company PEA Group to lead the redevelopment. "We are excited to bring this amazing space to the campus," said Karen LeVert, GameAbove advisory board member. "The renovated Sill Hall offers an incredible academic experience for students pursuing their degrees in STEM-related fields. We want to help extend the innovative design to the outside areas surrounding the building, and that is our goal here with the new park." Along with LeVert, other GameAbove members who contributed to planning the project are Jeff Bourdon, Jack Brusewitz, Chris Kaufman, and Craig Petersmark. Features of the new park include: More than 45 new trees and shrubs, including seasonal flowering trees Amphitheater Nine seating walls Paved circular drive Planters Up to six new sculptures Beautification efforts such as the new park enhance the visual appearance on campus and help with recruiting new students and retaining existing students. Students want their learning environments to be inviting and stimulating, and we will accomplish that with this amazing new outdoor space with the help from GameAbove. We are incredibly grateful for their continuous support of the college and entire University." Mohamad Qatu, dean of GameAbove College of Engineering and Technology The donation expands on GameAbove's commitment and partnership with EMU and its College of Engineering and Technology. Since its launch in 2019, GameAbove has committed more than $30 million to EMU, supporting or creating programs that spark innovation and academic advancement. Some of those programs include enhancing faculty enrichment, supplying financial aid to students, and building and improving new facilities that advance student-athlete achievements at EMU. GameAbove also supports programs to encourage STEM learning in school-aged children and partners with nationally recognized organizations that enable youth to explore an education and career path in STEM. About GameAbove GameAbove at EMU's primary focus is to help shape, inspire and support the current and future students at Eastern Michigan University by reaching new heights in learning through transformation and inspiration in the educational experience. GameAbove aspires to help improve the higher education experience by exploring and supporting innovative financial models to sustain universities, enhancing the campus environment, elevating athletics, promoting pioneering academic programs, and creative giving within the community. About the GameAbove College of Engineering and Technology The GameAbove College of Engineering and Technology provides world-class experiences in engineering, technology, cybersecurity, autonomous vehicles, drone technology, gaming, aviation, and other areas of study in high-demand career fields. It is within the college's mission to cultivate individuals' intellectual and personal growth through research-informed education and diverse programs that emphasize the practical application of scientific knowledge. About Eastern Michigan University Founded in 1849, Eastern is the second oldest public university in Michigan. It currently serves more than 16,000 students pursuing undergraduate, graduate, specialist, doctoral and certificate degrees in the arts, sciences and professions. In all, more than 300 majors, minors and concentrations are delivered through the University's Colleges of Arts and Sciences; Business; Education; Engineering and Technology; Health and Human Services; and, its graduate school. EMU is regularly recognized by national publications for its excellence, diversity, and commitment to applied education.

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CONSTRUCTION

Construction Site Preparation Equipment Market to hit US$ 1.6 bn by 2028, Says GMI

GMI | March 22, 2022

The construction site preparation equipment market is expected to surpass USD 1.6 billion by 2028, as reported in a research study by Global Market Insights Inc. The rising number of commercial construction projects, such as stadiums, warehouses, IT parks, academic buildings, and transport stations, across the globe is propelling the demand for construction site preparation equipment. Government initiatives to support infrastructure development and innovations in transportation & logistics sectors provide a favorable outlook for the regional industry. For instance, in January 2021, STRABAG SE and Johann Bunte were awarded a contract to widen a stretch of the A1 Autobahn that includes carriageways & bridge construction in Germany. The construction site preparation equipment market experienced a significant decline in growth due to COVID-19 pandemic in 2020. To reduce the virus spread, government authorities introduced stringent lockdown protocols and travel restrictions. In addition, to avoid the COVID-19 spread among colleagues or co-workers, they had announced a temporary closure of manufacturing facilities, hampering the equipment sale. The handheld auger is a spiral-shaped tool that is utilized to drill holes in the ground & other materials or surfaces, supporting their market growth. Industry players are focusing on introducing new augers to attract potential business clients. For instance, in December 2021, Makita UK, a power toll manufacturer, launched a new cordless earth auger with maximum drilling up to 200mm with a torque of 136 nm. The demand for construction site preparation equipment is increasing in Asia Pacific owing to urbanization and the growing population base. The increasing number of residential & commercial infrastructure projects led by a surge in government investments is boosting the market demand. For instance, in the Union Budget 2022 of India, the government declared that USD 6,081.3 million will be provided in 2022-23 for the completion of eight million houses as a part of the PM Awas Yojana. Industry participants in the construction site preparation equipment market are adopting different marketing strategies to improve their market representation. For instance, in March 2020, STIHL Inc. opened its online website, allowing customers to purchase its range of products from different categories. Some major findings in the construction site preparation equipment market report include: The demand for construction site preparation equipment will increase in North America impelled by the surge in residential development activities and the introduction of single-family housing projects. The Europe construction site preparation equipment market is supported by the government's focus on the development of green infrastructure as part of its climate change strategy. The European government is assisting municipalities by financing the development & implementation of integrated smart city programs. The growing population in the Asia Pacific region is creating the need for better infrastructures, such as houses, airports, schools, stadiums, hospitals, and government buildings, supporting the industry statistics. Growing industrialization & urbanization trends in Latin America are encouraging the expansion of residential & commercial development projects, creating a positive market outlook. The construction site preparation equipment industry growth is supported by government investments in transport, energy, residential, telecommunication, and industrial projects in the MEA region Additionally, government’s support for the infrastructure development of businesses and Small & Medium Enterprises (SMEs) is fueling the construction site preparation equipment market expansion. About Global Market Insights Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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CONSTRUCTION

Construction Procurement Platform Agora Announces Rebrand to Kojo, Expands into All Major Trades

Kojo | May 24, 2022

Kojo the construction industry's leading procurement platform, formerly known as Agora announced its new name and expansion of its platform to every major trade, including mechanical, concrete, drywall, roofing, flooring, and self-perform general contractors. Kojo also shared that it has grown its annual recurring revenue by 4x year-over-year. "The construction industry has been overlooked by tech for too long. By expanding Kojo's solutions to every major construction trade, we can now help even more contractors solve problems that are critical to their businesses, Our mission is to make it faster, easier, and more sustainable to build the world around us, and I'm so proud of what our team has built to empower contractors in such volatile times." Maria Rioumine, co-founder and CEO of Kojo With more than $300 billion spent on construction materials annually in the US, Kojo is helping contractors grow more resilient against the extreme volatility in materials prices and supply chain disruptions of the past few years. In just the last year, Kojo launched new products that help contractors manage their warehouse inventory, reconcile invoices, and track their job progress against estimates. Using Kojo's RFQ feature, contractors can quickly check material prices and availability across thousands of vendors, saving 3-5% per order or the equivalent of hundreds of thousands of dollars per year. In the field, Kojo decreases the time supervisors spend managing materials by up to 38% - an average of $175,000 in annual productivity gains. For office teams, Kojo automates manual data entry, shortening the time to process each purchase order by up to 75%, the equivalent of $124,000 in savings per year. "Kojo's solutions completely changed how our team manages our supply chain, which is a life saver given current constraints," said John Mraz, owner of Einheit Electric Construction Co. "By just using Kojo's Request For Quote feature, I would say we're achieving 10-20% in material savings. The money we save through Kojo allows us to invest further in our team, grow our business, and focus on what we do best – build." Last August, Kojo announced its $33 million Series B funding round led by Tiger Global, with additional key investments from 8VC, Tishman Speyer, Jerry Yang, Michael Ovitz, LeFrak, and Kevin Hartz, bringing total funding to $45 million. About Kojo Kojo is the leading materials procurement platform for trade and self-perform contractors across the country. By connecting office teams, field crews, and vendors on one all-inclusive procurement platform, Kojo gives contractors control over their procurement process from takeoff to closeout, enabling them to improve profitability, productivity, visibility, and standardization across their organization.

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MARKET

The BGL Industrials Insider -- Solid Foundation for Accelerating M&A in Building Products

Brown Gibbons Lang & Company | February 09, 2022

Secular strength is fueling a white-hot M&A market in Building Products with investor appetite broad-based, according to an industry report released by the Building Products investment banking team at Brown Gibbons Lang & Company (BGL). Growth is in focus, and high-quality deals are attracting significant competition, which is driving up valuations.In the report, BGL examines the current state of the market as well as near-term outlook. Macro indicators point to continued growth, echoed by industry participants reporting strong business performance. Residential construction spending was up nearly 15% in December year-over-year. Forecasts for repair and remodeling activity project double-digit growth through year-end. Com­mercial building markets are rebounding with a full recovery anticipated in 2022. While supply chain disruptions, inflation, and a tight labor market persist, consumer demand remains robust with many companies experiencing record backlogs and implementing pricing actions to preserve margins. 2022 is expected to remain very active, buoyed by economic growth and capital availability. The broader private equity market is exhibiting an almost frenetic pace of capital deployment following an unprecedented year for deal making in 2021, with deal volume and value breaking all-time records. Platinum Equity, Dunes Point Capital, The Riverside Company, Centerbridge Partners, and Sun Capital Partners are among the financial sponsors to recently announce new platform investments in the space. Corporate buyers are discerning but moving fast for highly complementary assets. Westlake Chemical, Carlisle Companies, and Nucor headlined deal activity, each announcing billion-plus transactions, while Builders FirstSource, Cornerstone Building Brands, Core & Main, and PGT Innovations were among the notable buyers with multiple tuck-in acquisitions to expand scale and footprint in fragmented marketplaces. About Brown Gibbons Lang & Company Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, capital markets, financial restructurings, business valuations and opinions, and other strategic matters. BGL has investment banking offices in Chicago, Cleveland, and Philadelphia, and real estate offices in Chicago, Cleveland, and San Antonio. The firm is also a founding member of Global M&A Partners, enabling BGL to service clients in more than 30 countries around the world. Securities transactions are conducted through Brown, Gibbons, Lang & Company Securities, Inc., an affiliate of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC. For more information, please visit www.bglco.com.

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Spotlight

In a retail business, compromising on quality may affect the bottom line. In the construction industry, it can cost lives. Poor construction quality costs millions of dollars in profit loss each year and accounts for hundreds of injuries, with costs related to quality issues often estimated between 2% and 20% of each project.1 Quality issues are also safety issues, putting both the construction crews and long-term users of a building at risk for injury and property loss.

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