On Center Software Announces Strategic Equity Partnership With Accel-KKR
THE WOODLANDS, Texas, Oct. 23, 2013 (GLOBE NEWSWIRE) -- On Center Software, the first name in construction automation, today announced that Accel-KKR has made an investment in the company to accelerate its growth. Terms of the investment were not disclosed.
"As a technology-focused private equity firm, Accel-KKR believes there is substantial opportunity for expansion in software and services in the construction industry," stated Rob Palumbo, Managing Director at Accel-KKR. "When selecting companies to invest in, Accel-KKR considers a number of factors including the depth and strength of an organization's customers, its technology, and its employees. On Center excels above others in the market."
The investment will help facilitate the company's ongoing market growth and broaden its portfolio offering of solutions within the lifecycle of construction automation. On Center Software's focus is on driving accuracy and profitable results for clients. The company's employees lead the industry in software innovation, customer support, and client education.
"For almost 25 years, On Center Software has continued to make the success of our customers our primary business," stated On Center CEO, Cecilia Padilla. "We are excited to be working with Accel-KKR to further expand our offering and continue driving more value to our clients. This partnership validates our strategy and future development expansion. On Center and Accel-KKR share the same optimism and confidence in the construction industry, contractors, and our employees."
On Center Software's current portfolio includes solutions from measurement to estimating to project tracking. Quick Bid® set the standard in 1988 enabling contractors to easily, accurately, and consistently increase project win rates and profit margins. On-Screen Takeoff® started the electronic measurement market in 1994 scaling to support small contractors and global construction enterprises. In 2008, On Center introduced its patented technology, Digital Production Control™, to help construction entities act on threats to bottom line profitability.
Whitehawk Advisory served as exclusive financial advisor to On Center Software in connection with the transaction. Securities were offered through Westlake Securities, LLC. The transaction was led by Whitehawk Advisory Managing Director Alex Klingelberger.
On Center CEO Cecilia Padilla commented on working with Alex Klingelberger on the transaction: "We worked closely with Alex for several months as our investment banker, and our entire team benefitted from his creativity and expertise as an M&A advisor. He was extremely detailed and thorough in the preparation of our confidential information memo, and very thoughtful in the selection of potential financial partners. He made it his business to understand our priorities and helped us achieve our goals. I would highly recommend Alex."
On Center Software, The First Name in Construction Automation
On Center Software, Inc. is a privately held company providing software and training to construction industry professionals for over 24 years. Located in The Woodlands, Texas, the company's mission is to transform the takeoff, estimating, and labor-tracking experience with comprehensive software solutions that turn winning bids into profitable projects. On Center Software solutions include On-Screen Takeoff®, Quick Bid, and Digital Production Control™. Customers in the United States, Canada, Australia, New Zealand, United Kingdom, South Africa, and 60 other countries around the world leverage On Center Software's internationally recognized solutions. For more information about On Center Software, visit www.oncenter.com or call 1.800.880.8254.
Accel-KKR is a technology-focused private equity firm with over $2.3 billion in capital under management. The firm invests primarily in software and IT-enabled businesses well positioned for top-line and bottom-line growth. At the core of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle market companies, providing capital for buyouts and growth investments across a range of opportunities including recapitalizations, divisional carve-outs and going private transactions. For more information, please visit www.accel-kkr.com.
About Whitehawk Advisory
Whitehawk Advisory is a boutique investment banking firm led by Alex Klingelberger. Whitehawk is based in Austin, Texas and focuses on providing bespoke investment banking and corporate valuation services to leading middle market and emerging growth technology companies. For more information, please visit www.whitehawkadvisory.com.
For more information, contact Alex Klingelberger, Managing Director, Whitehawk Advisory, 512-514-1156 or firstname.lastname@example.org