Investment Will Enable Coaxis to Expand its Global Marketing and Distribution
RESTON, VA, FEBRUARY 2, 2010 —
Updata Partners today announced its $10 million investment in Portland, Oregon-based Coaxis, Inc, the parent of Viewpoint Construction Software. This funding, the first for profitable Coaxis, will provide for the sustained growth of the company and for its international expansion. Viewpoint’s V6 software, a Microsoft SQL/Server .NET based ERP solution for a wide range of commercial construction firms, has enjoyed record growth despite economic headwinds.
“As a growth equity investor, Coaxis is exactly the type of opportunity we look to find,” said John Burton, General Partner of Updata Partners, a leading venture and growth equity firm based in Virginia and New Jersey with $500 million under management. “Coaxis has a highly experienced management team, a 600-strong customer base, over 150 employees and deep understanding of the needs of its targeted vertical markets. We look forward to facilitating the growth of an already successful company” he added. Contemporaneously with the financing, Burton will join the Coaxis Board of Directors.
“Contractors are seeking value-based contemporary software solutions to address the rising complexity and risk profiles of construction projects,” notes Jay Haladay, Coaxis’ Chief Executive Officer. “Construction professionals need real-time project information to keep projects on track and to manage in tighter economic conditions. Successful construction companies are re-engineering their internal processes in preparation for the inevitable upswing in the economy, which is stimulating the growth of Viewpoint V6 Software®,” continued Haladay.
With a long-standing focus on meeting the information needs of mid to large-scale organizations, Viewpoint has achieved a leadership position in construction enterprise software. Built on a contemporary and scalable Microsoft .NET platform, the firm provides construction-specific solutions that address the unique needs of leading firms throughout the U.S., Canada and Australia. Viewpoint will use this financing to expand its global marketing and product distribution efforts.
Coaxis, Inc. partners with its construction customers to enhance their success by delivering innovative solutions and services that meet today’s most demanding business challenges. Through the leadership of its senior-management team, Coaxis has enjoyed sustained growth and profitability since the late 1980’s. It employs a balanced business model that has allowed it to reinvest heavily in scalable, contemporary products and services. Through its Viewpoint Construction Software entities in the US, Canada, and Australia, Coaxis supports a wide range of diversified construction firms in North America and Australia.
About Updata Partners
Updata Partners is a leading venture capital firm that invests in growth stage information technology companies with innovative intellectual property enabling market-leading products and services. Led by an investment team averaging more than 20 years of operational and private equity experience in the technology industry, Updata seeks investments where the combination of the firm’s financial backing and the operating expertise of their partners will accelerate growth. With nearly $500 million under management, the firm also selectively provides recapitalization and management buyout financing.