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TheStreet Open House

Textura Announces Acquisition Of LATISTA

CHICAGO, Nov. 14, 2013 /PRNewswire/ --  Textura® Corporation (NYSE: TXTR), the leading provider of collaboration solutions for the construction industry, announced today that it has agreed to acquire LATISTA, the leading provider of mobile-enabled solutions for construction project collaboration, for cash consideration of $35 million. The deal is expected to close on or about December 2, 2013. 

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

"LATISTA propels us to the forefront of the application of mobile technology to the construction industry," said Patrick Allin, Chairman And Chief Executive Officer, Textura Corporation.  "We welcome the LATISTA team to our organization and are excited about the prospects of expanding the breadth of our industry leading platform of solutions, investing in LATISTA's high revenue growth business and leveraging their proprietary, patented technology to develop mobile capabilities for our existing core solutions." 

The construction industry has embraced the adoption of mobile technology; smart phones and tablets are becoming prevalent on job sites everywhere.  According to a recently published survey from Engineering News-Record (ENR), 94% of general contractors with greater than $10 million in annual revenue will adopt tablet usage in the field by 2015 – with 97% of them already having adopted some type of mobile technology. Subcontractors are also adopting mobile at a rapid pace, with 91% of subcontractors expected to adopt mobile technologies by 2015.

"Textura is the ideal partner for LATISTA given our shared vision to transform the construction industry through technology that drives collaboration and productivity, and our complementary business models and cultures," said Chris Ramsey, Chief Executive Officer and Co-founder, LATISTA.  

LATISTA has developed unique expertise around mobile applications in construction.  Their modules handle mission critical construction workflows, including quality management, punch lists, safety, electronic commissioning, and document management, including managing project specific plans and drawings.  Soon-to-come, LATISTA will introduce support for Building Information Models (BIM), right in the field.  

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