A SUNDERLAND software company hopes to grow at least threefold after its takeover by a large US business.
Oregon-based Viewpoint has bought 4Projects, a project and Business Information Modelling software provider for an undisclosed sum with around 60 staff and a £5m turnover.
The deal comes after Viewpoint searched the specialism, which helps those involved in construction projects see a detailed plan in 3D on a browser, and found 4Projects was the world leader.
“We are absolutely delighted to be a part of Viewpoint” noted Richard Vertigan, 4Project’s founder and CEO. “Our entire team is energised by the opportunities ahead and our role in Viewpoint’s strategic direction.
“Bringing our exceptional assembly of collaboration software specialists to Viewpoint’s dynamic group of ERP, enterprise content management and mobile software professionals, creates a diverse and talented team focused on the challenges facing contractors and their stakeholders,”
The deal brings more than 40,000 unique monthly users to Viewpoint and opens it to a far wider market, especially in the US. But the company has already expanded around the world.
It has staff in the US, Middle East and Canada and deals with around a dozen countries worldwide, including South Africa, Australia and Denmark.
Chris Baty, 4Projects finance director, said: “This is a really good story for the North East. The business here is going to be the centre of excellence for software as a service.
“We have a big opportunity in the United States. It is 10 times the size of the UK construction industry. We plan to integrate the products and see some really massive growth in the US.”
He said the growth would lead to a multiplication of 4Projects turnover, increase its workforce and see investment in the company.
The business was owned by investment firm August Equity and a management team who had in turn bought it from managers after it was launched by them with backing from Sunderland software group Leighton in 2000.
Viewpoint Construction Software, which is owned by Coaxis Inc, employs around 400 people. Viewpoint CEO Jay Haladay said: “I believe bringing 4Projects products and their employees under the Viewpoint umbrella completes a large piece of the software puzzle facing contractors and their project stakeholders today.
“Viewpoint has taken a holistic approach to providing efficiencies to solve the challenges of the global construction industry. We are very pleased to welcome the 4Projects team and their customers to the Viewpoint family and will be focused on delivering game changing technology solutions to ensure that our customers can take full advantage of their rising backlogs or order book.
“We look forward to providing the 4Projects team with additional resources and construction-specific software leadership to increase their already industry leading pace of product innovation in collaboration functionality.”
The acquisition brings advanced project and BIM collaboration together with the Viewpoint V6 construction- specific software suite offering contractors tools to collaborate more efficiently on projects. Governments worldwide have been investing in work in the field.
Pinsent Masons of London and Goodwin Proctor in the US provided legal representation, KPMG provided accounting and tax support with Silicon Valley Bank and Wells Fargo also supporting the transaction.