Genstar Capital has invested in and merged Cincinnati-based iSqFt and Chicago-based BidClerk, two providers of project data, analytics and software tools for the construction sector. No financial terms were disclosed.
SAN FRANCISCO, October 6, 2014 – Genstar Capital Management, LLC, a leading middle market private equity firm that focuses on investments in targeted segments of the software, industrials technology, financial services and healthcare industries, today announced that it has created a vertically-focused SaaS platform company for the construction industry by combining iSqFt & BidClerk, two leading providers of project data, analytics and software tools to the construction industry.
The combination of iSqFt and BidClerk creates a leading provider of cloud-based software tools, data and analytics to the construction industry. iSqFt’s primary offerings include lead generation, project management, and network promotion for trade contractors as well as contact and document management, all delivered through a SaaS platform, while BidClerk provides cloud-based construction project data and marketing tools for building product manufacturers, contractors, and distributors.
Eli Weiss, a Principal at Genstar, said, “The creation of a cloud-based platform company focused on the construction vertical is an exciting opportunity for Genstar.
Given the complementary nature of the two companies, the combined organization will have expanded capabilities and is very well positioned to capitalize on the growing utilization of technology tools in the construction industry process. We look forward to working with the management teams of iSqFt and Bid Clerk to pursue future strategic add-on acquisitions that will further deploy technology into the construction vertical.”
Dave Conway, CEO of iSqFt, said, “From a strategic standpoint, the combination of iSqFt and BidClerk puts us in a unique position to provide great value to our customers. We now become the construction industry’s leading go-to marketplace in the planning and bidding phase that brings the greatest value, service and support to our customers on a national basis. We are excited to partner with Genstar in the next phase of our growth.”
Headquartered in Cincinnati, iSqFt is a leading software-as-a-service company, serving the commercial construction industry by offering its subscribers access to a network that connects tens of thousands of general contractors, subcontractors, suppliers, and manufacturers. iSqFt’s platform consists of three components leveraged across the value chain of pre-construction: cloud-based network of nonresidential construction professionals, proprietary database of construction projects and collaborative platform streamlining the pre-construction process. For more information about iSqFt, please visit http://www.isqft.com.
Headquartered in Chicago, BidClerk is a leading provider of construction data in the United States and Canada. For over a decade, the Company has connected construction professionals with opportunities at various stages of the construction process. Proprietary research methods have created relationships with thousands of architects, engineers, general contractors, municipalities and governmental agencies.
BidClerk provides unique tools that give subscribers visibility of the project lifecycle, from planning stages to bidding to completion. For more information about BidClerk, please visit http://www.bidclerk.com.
About Genstar Capital Management, LLC
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of over $3 billion and targets investments focused on selected sectors within the industrial technology, financial services, software, and healthcare industries.