CINCINNATI & NORCROSS, Ga.--(BUSINESS WIRE)--iSqFt and CMD Group (CMD) today announced the companies have merged. CMD is one of the leading providers of construction information in North America. iSqFt provides the commercial construction industry a leading software-as-a-service solution in addition to bid information both powered by a vast network of construction professionals across the United States. Terms of the agreement were not disclosed.
The combination brings together businesses with complementary strengths in different segments of the construction sector, creating an organization with an enhanced product offering for customers and a strong technology platform focused on innovation. After the merger is completed, the combined organization will provide comprehensive construction data and software solutions for customers across North America.
Dave Conway, President and CEO, iSqFt, will serve as the CEO of the combined company.
“CMD has established an excellent track record providing high-quality data, information and insights to the construction industry across North America,” Conway said. “With our shared commitment to customer service and product delivery, this merger fits into our long-term strategy to leverage the best of our combined companies to provide improvements on our already great data and deliver innovative solutions.”
“iSqFt and CMD share highly complementary capabilities which, brought together, will build on our firms’ reputations for outstanding customer service and will create exciting opportunities for our employees,” said CMD CEO Graeme McCracken. “We have great respect for the iSqFt team and the software and data solutions they provide, and we are excited about what we can achieve together as one team.”
CMD, formerly Reed Construction Data and Construction Market Data, is owned by Warburg Pincus, a leading global private equity firm focused on growth investing, and Reed Business Information. Warburg Pincus will continue to be a shareholder in the combined company.
“We are excited about the combination of iSqFT and CMD and look forward to partnering with the management teams to support the company’s growth initiatives,” said Warburg Pincus Managing Director Alex Berzofsky.
“We have been very pleased with the progress that iSqFt has made, including introducing new technology tools and solutions to enhance the customer experience,” commented Genstar Managing Director Eli Weiss. “This merger with CMD, which has established an equally impressive track record in the construction sector, will position the combined company well for continued growth.”
The combined company will be headquartered in Cincinnati, Ohio.
CMD is a leading North American provider of construction information. CMD’s diverse portfolio of innovative products and technologies includes national, regional and local project leads, marketing solutions and market intelligence to provide insight to construction industry professionals throughout the U.S. and Canada. Visit the CMD website at cmdgroup.com.
Cincinnati-based iSqFt is a leading software-as-a-service company, serving the commercial construction industry by offering its customers access to a network that connects hundreds of thousands of general contractors, subcontractors, manufacturers and suppliers. iSqFt helps its customers thrive by offering the information and tools they need to work more efficiently and profitably. For more information about iSqFt and its applications, visit isqft.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $35 billion in assets under management. The firm’s current portfolio of more than 120 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 14 private equity funds, which have invested more than $50 billion in over 720 companies in more than 35 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mauritius, Mumbai, San Francisco, São Paulo and Shanghai. For more information, please visit www.warburgpincus.com.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of over $3 billion and targets investments focused on selected sectors within the financial services, software, industrial technology, and healthcare industries.