ORLANDO, Fla., Feb. 09, 2022 (GLOBE NEWSWIRE) -- RedTeam Software, LLC (“RedTeam”), a leading construction management software provider, today announced the acquisition of paskr, Inc. (“paskr”), a cloud-based construction management solution. This announcement is the latest in a series of strategic moves by RedTeam to consolidate its position as the premier construction platform provider for small and mid-sized commercial construction contractors. Financial terms were not disclosed.
In conjunction with the transaction, Braemont Capital and JettyCove are recapitalizing RedTeam to support the acquisition and provide capital to fund growth and further platform innovation across their growing suite of products.
Founded in 2004 by Pat Whelan, paskr’s construction management solution is designed for every team member to bid, build and track projects. paskr’s platform brings efficiency, visibility and accountability by streamlining back office and field operations. Following RedTeam’s acquisition of Fieldlens in December 2020, the addition of paskr allows RedTeam to now offer clients a comprehensive suite of solutions covering mobile field management software through to enterprise level workflow and management solutions.
“These are exciting times to be a technology partner to the construction industry as investments in digital transformation initiatives continue to accelerate,” said Jim Atkinson, CEO of RedTeam. “Both RedTeam and paskr were founded and built by contractors to solve real challenges faced by commercial contractors. The companies share similar origin stories and we are pleased to come together to offer such a strong set of solutions for this distinct and important aspect of the construction market. We are excited to rapidly grow our presence in the construction market, with the support of Braemont and JettyCove.”
“This transaction with RedTeam presents an outstanding opportunity for our company, employees and customers. The investment delivers an immediate and compelling opening for paskr and RedTeam to leverage our natural strengths and position the combined company to better serve the market,” commented Pat Whelan, founder and CEO of paskr. “Under Jim’s leadership of our combined team of dedicated employees, the company is well equipped to meet the needs of our clients and create tremendous value for the construction community.”
Jeff Volling, Partner at Braemont Capital, commented, “Across industries, organizations are adopting technology at a faster pace to better serve the changing behaviors of their customers. RedTeam, now with the addition of paskr, provides a robust suite of integrated software solutions purpose-built for commercial construction entities of all sizes. We look forward to working with Jim and his management team, alongside the JettyCove team, with an aim to accelerate the company’s strong momentum and spur continued growth.”
“We are pleased to continue our support of RedTeam in this next chapter, and to bring in Braemont as a value add partner. With this combination we can aggressively grow organically and continue to look for complimentary products to join the RedTeam family,” said Jamie Nissen, Founding Partner at JettyCove. “RedTeam has an exceptional brand and set of products to serve the construction industry and we are confident we will continue to deliver innovative customer solutions as we grow.”
RedTeam recently made the Inc. 5000 list of fastest growing companies, having achieved a three-year compound annual growth rate of 160 percent. RedTeam solutions have been used by more than a thousand general contractors and several hundred thousand users to manage a collective $25 billion of commercial construction work in place and in progress.
About RedTeam Software
RedTeam Software offers the most comprehensive cloud-based solution for construction project and accounting management. With intuitive social design interface and real-time updates, RedTeam enables construction and accounting teams to collaborate effectively online at all stages of a project - from business development and pre-construction to closeout. For more information on RedTeam, visit https://www.redteam.com.
About paskr
paskr is a cloud-based construction management solution built for every member of your construction team to bid, build, and track great projects. paskr brings efficiency, visibility, and accountability by streamlining back office and field operations. Users are able to access all project related information through any web connected mobile device, tablet, laptop, or desktop. For more information, please visit: https://www.paskr.com/
About Braemont Capital
Braemont Capital is a relationship-driven investment firm focused on partnering with founders, families and ownership-minded management teams to invest in exceptional companies at growth inflection points. Our firm is differentiated by the combination of an experienced team, extensive industry partner network and a flexible, long-term capital base. We are growth-oriented and seek to generate superior outcomes through entrepreneurial business-building initiatives. Our capital base enables us to be flexible in structuring and holding investments to execute these initiatives and create enduring value. For more information, please visit: www.Braemont.com or www.linkedin.com/company/braemont-capital
About JettyCove
JettyCove invests in software, data, and tech-enabled service companies, with a specialization in niche verticals. We work with companies that have accomplished a lot to date with limited capital resources but are now ready to take that next big step in their growth cycle. JettyCove's model allows us to customize the capital and operational expertise for each investment to meet the business's fundamental needs. For more information, please visit: https://www.jettycove.com
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