Existing investor Updata Partners will retain an investment in Coaxis. The company, through its Viewpoint subsidiary, provides software for mid-sized and large construction firms, including general contractors, heavy/highway and specialty subcontractors.
The TA investment will help Viewpoint in its core business model and accelerate the flow of new products and services to this growing base of global contractors, the company said.
The construction industry overall represents approximately 13 per cent of global economic output. Coaxis/Viewpoint currently serves the US, Canadian and Australian markets for commercial contractors, heavy/civil contractors and specialty subcontractors.
According to ENR, the North American market for commercial contractors, heavy/civil contractors and specialty subcontractors is a $275bn-plus market.
“TA’s investment is a vote of confidence in a talented management team that is transforming the information technology available to the construction market,” said Harry Taylor, a director at TA Associates who will join Coaxis’ board of directors.
“We have monitored the company’s progress for some time, and our observations, conversations with Viewpoint customers and market validation indicate that their products, services, values and collaborative company culture all differentiate the firm in this growing market.”
“We are proud of the success we have achieved together with Coaxis,” said John Burton, general partner, Updata Partners.
“Jay Haladay and his team are consummate professionals.
“Their efforts have enabled contractors to leverage technology in ways never before possible.
“The resources of TA Associates will accelerate these advances and further the changes the Viewpoint products are making in the construction industry.”
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