New Leadership to Focus on Greater Opportunity for Growth and Innovation in Construction Industry Software Market
TEMPE, AZ – June 10, 2004 – Hard Dollar Corporation, the infrastructure construction industry’s leading provider of software, data, and services for estimating, bidding, and construction management, today announced the acquisition of the company by a group of investors. Investment banking firm Greentree Partners and private investors purchased a majority interest in Hard Dollar from Whitney & Co. and Vectis Group, who will continue as equity partners. Specific terms of the deal were not disclosed.
The acquisition provides new stimulus for the company, as well as access to tremendous resources through Greentree Partners’ extensive experience in software and technology. Post-acquisition, Hard Dollar will continue its objectives of maintaining industry leadership, penetrating the market, and expanding market reach by:
- Delivering unmatched, innovative products that help construction-related firms capture more profit at every stage of the bidding and building cycle
- Seizing new market opportunities resulting from the company’s BID*BUILD® software suite – the industry’s recognized brand for performance, flexibility, and ease of use, built with modern, scaleable .NET technology
- Leveraging new industry partnerships made possible through Greentree’s network
The company will be led by Alistair Johnson-Clague, who will serve as president and CEO. Johnson-Clague brings over 23 years experience in the information technology industry in Europe and the Americas. He has served as president and CEO and held board seats for several technology companies, garnering extensive general management, operations, marketing and sales experience in public and private, early- and later-stage companies. During his 12 years with JBA Holdings Plc, where he held numerous positions, including president of both company divisions, the company grew from $2 million to over $450 million, and at the time was the sixth largest ERP software firm in the world. He holds a US-equivalent Bachelors degree from Napier University in Scotland.
“This is a great time for Hard Dollar’s customers, employees, and the industry,” said Thomas Blondi, Hard Dollar’s president and CEO for the past two years, who will continue to assist the company through the ownership transition. “This acquisition confirms the great value that has been built at Hard Dollar during its 15 years of existence. Hard Dollar has a vast and loyal client base, and technology that is the envy of the industry. With Greentree’s proven track record and tremendous resources, I’m confident the next stage will prove even more beneficial to the industry.”
“We look forward to continuing to serve our existing customers, and the opportunity to attract new customers to grow the market for construction technology products,” said Alistair Johnson-Clague, Hard Dollar president and CEO. “Delivering the best portfolio of innovative products is our goal.”
About Hard Dollar Corporation
Founded in 1989 by construction industry veterans, Hard Dollar Corporation is the world’s leading provider of integrated estimating and job control software for construction contractors. Hard Dollar BID*BUILD is a comprehensive suite of fully integrated software modules, designed specifically to manage the rigorous and ever-changing demands of construction projects in real-time to maximize profits. Hard Dollar BID*BUILD was named “Technology’s Hottest” by Constructech magazine, the leading national publication on construction technology.
Hard Dollar systems are deployed today by thousands of users to manage billions of dollars worth of transportation, water and sewer, heavy civil, environmental remediation, power and industrial projects every month. For more information on the company or its products, visit www.harddollar.com.
Tags: Bid*Build, Bidding, Construction Management, Estimating
