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TheStreet Open House

GH Phipps Mitigates Risk With Textura®

Stocks in this article: TXTR

CHICAGO, Sept. 5, 2013 /PRNewswire/ -- Textura Corporation (NYSE: TXTR), the leading provider of collaboration solutions for the construction industry, announced today that GH Phipps, one of nation's top 400 contractors since 1985, has selected Textura—CPM to help lower risk by the electronic exchange and tracking of lien waivers. 

(Logo: http://photos.prnewswire.com/prnh/20110602/CG12932LOGO)

"One of the main reasons we chose Textura was the way the solution handles lien waivers," said Rhonda Kay, CFO, GH Phipps.  "We were tracking and reviewing lien waivers manually, which was necessary but very time consuming.  Textura—CPM automates that process for us and allows us to collect and track lien waivers online." 

General Contractors such as GH Phipps use Textura—CPM to automate invoicing, lien waiver collection, electronic payments, document compliance and reporting.  General Contractors send an email to all project participants to initiate the monthly draw, and subcontractors can enter requested payment amounts and electronically sign the requests.  Proper documents, including a lien release, are emailed to the General Contractor for review.  Once approval is granted, the system automatically generates the pay application which can be reviewed online by the owner. 

"Before Textura—CPM we were manually inputting the sub pay applications into our accounting system," said Kay.  "And each month employees were checking the pay applications for accuracy.  Both of these processes are automated with CPM, giving us substantial time savings."  

"GH Phipps joins our expanding list of contractors in the Rocky Mountain region that are adopting our solutions," said Patrick Allin, Chairman and Chief Executive Officer, Textura Corporation.  "We are very pleased that a contractor with the history and industry presence of GH Phipps is using our solutions to increase efficiency and lower risk." 

About GH Phipps

GH Phipps is an employee-owned full-service Construction Manager/General Contractor.  Average revenues over $250 million make GH Phipps one of Colorado's largest contractors and one of the nation's top 400 contractors since 1985.  Corporate headquarters are located in Greenwood Village, Colorado with branch offices in Colorado Springs, Colorado, and Fort Collins, Colorado.  For more information, please visit www.ghphipps.com



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