Textura Corporation Acquires Submittal Exchange
Submittal Exchange's online system and advanced communication tools will extend Textura's existing product suite further upstream, offering new capabilities to a broader range of construction project owners, architects and designers, as well as new services to general contractors and subcontractors.
"By expanding our platform reach to designers and architects, we are increasing collaboration and efficiencies across the construction lifecycle, from concept to construction," said Patrick Allin, chairman and CEO of Textura. "This acquisition further demonstrates our commitment to lead the industry's technology transformation. By uniting the capabilities of Textura and Submittal Exchange on a single platform, our clients will enjoy easy-to-use, effective productivity tools that will save time and money and reduce exposure to risks. This is the first time the industry has all the tools needed to manage their business in an integrated fashion."
As the industry's leader of collaboration solutions, Textura is aggressively expanding its product suite to serve construction industry professionals across the construction lifecycle, from design and pre-qualification to bid management, submittals and payment. Submittal Exchange advances Textura's leadership position by strengthening connections between building owners and architects with general contractors, subcontractors and others.
"Also with Submittal Exchange," continued Allin, "we look forward to adding Greengrade LEED management software to our product lineup, allowing clients to communicate, track and manage all LEED project information. This will become increasingly important in the years ahead as the demand for environmentally friendly and efficient buildings becomes more intense."
"We are excited to join Textura and combine our products to deliver end-to-end capabilities for the first time in a truly integrated platform linking our clients and their project partners," said Matt Ostanik, AIA, CSI, LEED AP BD+C, President of Submittal Exchange. "Textura and Submittal Exchange can together serve a greater portion of the industry and the industry's needs, making virtual collaboration a win-win for all."
The acquisition broadens Textura's current platform of PQM, CPM and GradeBeam.com for bid management and offers comprehensive online sharing for the submittal process, providing virtual storage and exchange of design materials, with whiteboard and automatic synchronization tools for designers and architects.
Financial terms of the acquisition have not been disclosed.