iSqFt and CMD Group (CMD) have announced a merger of their two companies resulting in one firm, which will provide leading comprehensive construction data and software solutions for North American construction.
CMD is one of the leading providers of construction information in North America. Meanwhile, iSqFt provides the commercial construction industry a leading software-as-a-service solution in addition to bid information. Both are powered by a vast network of construction professionals across the United States.
Terms of the agreement were not disclosed.
"CMD has established an excellent track record providing high-quality data, information and insights to the construction industry across North America," said Dave Conway, iSqFt president and CEO, who is will serve as CEO of the combined company.
"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."
Both companies have established strengths in different segments of the construction sector. This merger creates an organization with an enhanced product offering for customers and a strong technology platform focused on innovation, stated stakeholders involved.
"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 Graeme McCracken, CMD CEO.
"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 Alex Berzofsky, Warburg Pincus managing director.
As part of the merger, Warburg Pincus will join forces with Genstar Capital, who are already invested in iSqFt.
"We have been very pleased with the progress that iSqFt has made, including introducing new technology tools and solutions to enhance the customer experience," said Eli Weiss, Genstar managing director.
"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.
In Canada, CMD is the leading provider of construction information. CMD’s diverse portfolio includes innovative information solutions and industry news, including the publications Daily Commercial News and Journal of Commerce.
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