Genstar Capital Combines iSqFt and BidClerk to Create a Leading Software and Data Provider for the Construction Industry
River Cities has announced the sale of Construction Software Technology (known as iSqFt) to Genstar Capital Management, a leading mid-market PE firm. The transaction merges Cincinnati-based iSqFt with Chicago-based BidClerk, iSqFt’s top competitor. The combined company will operate as iSqFt and be led by the company’s current CEO, Dave Conway.
iSqFt, a market leader in the SaaS pre-construction space, provides its customers with a network of tens of thousands of general contractors, subcontractors, suppliers and manufacturers, along with the tools they need to operate more efficiently. The combination of iSqFt and BidClerk creates the leading provider of cloud-based software tools, data and analytics to the construction industry.
“From a strategic standpoint, the combination of iSqFt and BidClerk puts us in a unique position to provide great value to our customers. We now become the construction industry’s leading go-to marketplace in the planning and bidding phase,” says Dave Conway.
“We are pleased that iSqFt will be able to solidify their market position with the BidClerk merger, and we expect that Dave and the team at iSqFt will continue to build market share with their disruptive technology applications and unique approaches to the construction information industry,” says River Cities’ Dan Fleming.
The construction market has been volatile throughout the years, with activity dropping by more than 30% after the recession. Despite the industry headwinds, iSqFt continued to grow. The company grew more than 11x over the course of our investment horizon, never having a down quarter.
“There are few companies in construction software that can say that,” says Conway. “River Cities proved to be a valued advisor and true partner through both the challenges and the success of iSqFt,” says Conway.