Textura Corporation: Bringing Technology To One Of The Most Concrete Industries In The World-Cons

Patrick Allin, Chairman & CEO
Earlier the construction industry, though one among the most happening verticals, which steer the economic and infrastructural development in the world, followed traditional ways of operation. Many core processes in the industry such as invoicing, submittals and pre-qualification, were performed manually. But when the industry moved towards technology adoption, there were little or no software built specifically for construction. And what was built typically did not suit the nature of a project and how contractors worked.

Textura Corporation, headquartered in Deerfield, IL, since its founding in 2004, has been at the forefront of developing collaborative solutions built for the construction industry. The company’s software provides a value proposition for every user, automating traditional manual processes and mitigating the risk inherent in them. The benefits of the solutions include dramatic efficiency improvements across organizations and functions; and, better effectiveness through improved communication and greater visibility. With the award winning SaaS technology, world-class customer support and incredible growth year-after-year, Textura is leading the construction industry's technology transformation.

Keeping up with the latest trend in the construction industry, which is about adoption of mobile technology; where Smartphones and tablets are becoming prevalent on job sites everywhere, Textura recently has acquired LATISTA. With this acquisition, the company is offering mobile applications, including quality management, punchlists, safety, electronic commissioning, and document management to construction engineers.

Anyone involved with the construction industry knows how much paper is used in conventional manual processes. By converting invoices, paper checks, lien wavers, compliance documents, and a host of other documents into emails and electronic files, Textura’s solutions embarks strongly on a ‘go-green’ policy minimizing paper and ink consumption, eliminating mailing costs and CO2 emissions and costs from driving from one location to the next. Hence Textura’s solutions help to eliminate dramatic amount of greenhouse gases and saves a substantial amount of energy by automating and putting on-line all the processes involved in the construction lifecycle—from concept through to construction.



“One of the unique aspects of Textura is that when we formed the company we decided to focus on creating solutions for the critical core processes around construction projects–so functionality and value for all process participants and not on building enterprise solutions for only one participant group such as GCs, owners or subcontractors.

As a result of our process focus, using collaboration technology was key. So, without realizing it at the time we were at the forefront of creating cloud solutions even before the term was coined,” says Patrick Allin, Chairman And Chief Executive Officer, Textura Corporation, about how different their solutions are.


Texture has been at the forefront of developing collaborative solutions built for the construction industry



The company has a lot of satisfied customers, which gets substantiated by big list of case studies. A Denver-based General Contractor noted that by using the company’s product, Textura—CPM, they saved 260-330 work hours a month; saved time for risk administrators and the project managers; improved accuracy of paperwork; greatly improved subcontractor relations; saved an estimated $360,000 annually and eliminated 15 out of 20 process steps.

With more than 3,000 general contractors, including 62 percent of the ENR 100, Textura Corporation (NYSE:TXTR) went public in June 2013, and offered 5,000,000 shares of common stock at a price to the public of $15.00 per share. In the fourth quarter, ended September 30, the company’s revenue increased 72 percent year over year to $10.9 million with a market Cap of $771.41 million.

“We are focused on commercial construction and intend to remain so. The trend in all industries is towards business-to-business cloud-based solutions and we are the leader in the construction industry. Global construction spend is estimated to be $7 trillion today and growing to be $12+ trillion by 2020 – 13.2 percent of world GDP. We believe the total addressable market for our solutions is over $28 billion,” says Allin.

Company
Textura

Headquarters
Deerfield, IL texturacorp.

Management
Patrick Allin, Chairman & CEO

Description
Develops collaborative solutions for construction industry.