Francisco Partners has invested $85 million in Aconex, an Australia-based provider of online management solutions to the global construction and engineering markets.
Aconex, the world’s largest provider of online information management solutions to the construction and engineering industries, has announced a US$85 million (AU$107.5m) financing deal with, a leading technology investor.
Aconex provides a web-based system that manages the vast flow of documentation and correspondence on construction and engineering projects. The company has seen uptake of its solution double each year for the past five years and now services US$180 billion worth of projects across 66 countries. Aconex will allocate the funding primarily into product development, acquisitions that broaden the company’s geographic reach and product suite, and entry into new markets.
Martin Hosking, Chairman of Aconex, said: “Following discussions with a number of companies, it was clear that Francisco Partners offered an excellent strategic and cultural fit. They have invested in sectors that are adjacent and complementary to ours, including project management and asset management software serving the construction and mining services sectors, and have extensive experience in assisting technology companies to structure and prepare for initial public offerings.
“Furthermore, the addition of two principals from Francisco Partners onto the Board is particularly value-enhancing as they will bring a depth of expertise that will benefit Aconex through its next growth phase.”
Brian Ruder, Partner at Francisco Partners, said: “The principals of Francisco Partners are excited to be involved in the next chapter of Aconex’s growth as viral uptake continues and its robust SaaS platform delivers returns to scale. We look forward to supporting Aconex as it sets the standard in an expanding collaboration marketplace.”
Aconex, www.aconex.com, employs more than 350 people across 37 offices worldwide and its clients include , AECOM and . Through using the system, which is delivered using the Software as a Service (SaaS) model, project participants are able to view, track and distribute their files in real time, regardless of their location.
Francisco Partners pursues structured investments in technology companies, targeting investments in private companies, public companies and divisions of public companies, with transaction values ranging from US$30 million to US$3 billion., www.franciscopartners.com, is a leading global private equity firm focused exclusively on investments in technology and technology-enabled services businesses. With approximately US$5 billion capital under management,