Causeway Technologies secures US$193 million investment
By Leila Steed01 July 2021
UK-based construction software specialist Causeway Technologies has secured £120 million (US$193 million) in funds from private equity group Five Arrows Principal Investments, that will allow it to make further acquisitions.
The company, which recently acquired construction telemarketing firm Enhance Consultancy and France-based digital platform specialist Ermeo, said the investment would enable it to cater to the growing need for digitalisation and productivity services across the construction industry supply chain.
The funding deal with Five Arrows – part of Rothschild & Co – means the financier now owns “a significant minority stake” in Causeway.
This will see the private equity firm’s managing director, Sach Oshry, and partner Vivek Kumar join Causeway’s board of directors.
Phil Brown, CEO and executive chairman of Causeway, said, “This investment marks another leap forward for our business and for the value we can add to our customers.
“Our ambition is to ensure that data flows seamlessly across the construction process, making our customers more efficient and their data more useful and actionable. That is the only way to drive better project outcomes, especially around value and quality.
He added, “While cloud-based tools and mobile connectivity have helped put solutions into people’s hands, much is still very fragmented in this industry.”
Causeway is currently developing a “persona-based” platform that aims to make it easier for construction supply chain members to integrate third party applications.
It said, “This approach will help break down silos and give businesses large and small, in all parts of the construction ecosystem, complete visibility and control over their projects and supply chains.”
The investment deal was negotiated by financial advisors from Goldman Sachs and Torch Partners.