West Partners backs NoteVault

NoteVault has received an undisclosed investment from West Partners. Based in San Diego, NoteVault is a provider of voice-to-text-based mobile reporting solutions for the engineering and construction sectors.

PRESS RELEASE

CARLSBAD, Calif., April 4, 2014 /PRNewswire/ — West Partners, a San Diego area investment firm, is pleased to announce the closing of an investment in NoteVault, Inc., a San Diego-based provider of innovative voice-to-text-based mobile reporting solutions for the engineering and construction industry. Terms of the investment were not disclosed.
NoteVault offers construction companies a cloud-based subscription solution that enables users to post real-time notes throughout the day by typing, texting, or speaking into a mobile device, such as a smartphone or tablet.
“We are very excited to be partnering with NoteVault,” said Dennis O’Brien, President of West Partners. “We believe the firm has the best solution to allow construction companies to more efficiently manage their daily reports. In addition, CEO Peter Lasensky and the rest of the NoteVault management team are the type of partners we look for at West Partners.”
Users can also use a laptop or other traditional computer device to type daily notes into the NoteVault system. Notes can include photos and videos, delivering the clearest possible message regarding activity on the ground. Each individual note is encrypted and stored for 10 years. The investment will fund the Company’s growth plan.
Art McGill of West Partners noted, “We think there is a huge demand for this solution in the market. We are excited to work with NoteVault, to help the company increase its market share and bring additional efficiencies to construction companies. In addition, the reliable daily reports and the long-term maintenance of those reports are a significant risk management tool for customers.”
“Our vision is to enhance construction firms’ ability to increase productivity and reduce liability by mitigating risk,” said Peter Lasensky, CEO of NoteVault. “West Partners’ investment will enable us to accelerate product development and continue to offer the most innovative solutions to this market. We’re excited to be partners with West and look forward to the success we’ll realize together.”
About West Partners
West Partners is the San Diego investment arm of the Gary & Mary West Family Office, making investments into privately held companies. The firm seeks to acquire controlling stakes in companies operating in growing markets, with strong management teams. West Partners also invests in commercial real estate. The permanent capital base enables West Partners to be more flexible in its investment approach than traditional private equity. Investments range from $10 million to $100 million.
About NoteVault
NoteVault provides innovative voice-to-text-based mobile reporting solutions for the commercial construction industry. NoteVault enables superintendents to quickly and easily report project activity from the field using nothing but their voice and their mobile phone. This information is transcribed and made available through email or a web-based interface. NoteVault saves contractors time and money, while protecting against potential lawsuits. For more information, please visit www.notevault.com.