Cloud-based construction management software provider Buildertrend acquired CoConstruct, a complementary provider of construction project management software for the residential construction industry. The transaction makes Buildertrend the largest construction management software company for home builders, remodelers, and specialty contractors. The combined businesses served approximately 23,000 clients, over 1.1 million users, and facilitated over $200 billion in annual construction project value in 2020.
Summarizing the acquisition, Buildertrend CEO Dan Houghton said in a prepared statement, “This acquisition positions Buildertrend to significantly expand our market share and continue delivering innovative, value-added solutions that improve client success and efficiency.”
Fresh off the announcement of the acquisition, it's too early to predict what a combined platform might look like. Buildertrend is committed to supporting both platforms moving forward. "We have many wonderful customers on both sides that rely heavily on our software – we will always focus on supporting our existing customers and factoring in their preferences, " explained Houghton. "It’s too soon to say, but if investing more in one product than the other is the final path, that doesn’t mean we will sunset the other product."
The emphasis moving forward, Houghton adds, will be on continuing to listen to customers of both systems to improve the efficiency and accuracy of the two project management solutions. Any changes will stem from what the industry demands. "We are working with two very powerful systems here," Houghton explains, "and [we] believe the strengths of both platforms, and the needs of our customers should guide how we improve our products ... Our goal is to create the best possible platform or set of platforms and services to help this industry succeed in all aspects of business. We intend to be intentional about the discovery process, and thoughtful about what the end product or set of products would mean for our existing customers as well as the market as a whole."Read More