Texas-based On Center Software announced that Accel-KKR has made an investment in the company to accelerate its growth. The terms of the investment were not disclosed.
“As a technology-focused private equity firm, Accel-KKR believes there is substantial opportunity for expansion in software and services in the construction industry,” stated Rob Palumbo, managing director at Accel-KKR. “When selecting companies to invest in, Accel-KKR considers a number of factors including the depth and strength of an organization’s customers, its technology, and its employees. On Center excels above others in the market.”
The investment will help facilitate the company’s ongoing market growth and broaden its portfolio offering of solutions within the lifecycle of construction automation, a press release announced.
“For almost 25 years, On Center Software has continued to make the success of our customers our primary business,” said the company’s CEO, Cecilia Padilla. “We are excited to be working with Accel-KKR to further expand our offering and continue driving more value to our clients. This partnership validates our strategy and future development expansion. On Center and Accel-KKR share the same optimism and confidence in the construction industry, contractors, and our employees.”
This partnership does see some changes within the company. The founder Leonard Buzz has retired from the company and Cecilia Padilla takes over as the CEO. Angelo Castelli has been named COO. The company stressed, when speaking exclusively to Walls & Ceilings, that this deal with Accel-KKR will not interrupt services and that customers can expect the same to better level of service.
“We’ve kept the same management team, we’ve kept the same staff, our brand is the same, our corporate identity is the same, so when they call training or tech support, it will be transparent,” said Padilla. She reports that the company continues to grow and is still hiring new staff at it’s the Woodlands, Texas, office.
On Center Software’s current portfolio includes solutions from measurement to estimating to project tracking. Quick Bid set the standard in 1988 enabling contractors to easily, accurately, and consistently increase project win rates and profit margins. On-Screen Takeoff started the electronic measurement market in 1994 scaling to support small contractors and global construction enterprises. In 2008, On Center introduced its patented technology, Digital Production Control, to help construction entities act on threats to bottom line profitability.
Whitehawk Advisory served as exclusive financial advisor to On Center Software in connection with the transaction.