North East software giant Sage has struck a deal to acquire a US construction platform.
The Cobalt-based business has acquired Corecon, a preconstruction and project management solution, for an undisclosed sum. The listed firm said the acquisition expands Sage’s relationships with customers beyond financials and reinforces its position as a leading provider of cloud native technology for the construction industry, by providing a solution to efficiently manage projects from bid to closeout.
Founded in 1999 in California, Corecon has developed a user-friendly preconstruction and project management software solution, enabling growing construction companies to win new work, easily connect project teams and build more efficiently, thereby optimising profitability. The firm’s customers include general contractors, construction managers, subcontractors and housebuilders.
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Julie Adams, VP of product, construction and real estate at Sage, said: “With construction businesses at different stages in their cloud adoption, it is important we provide technology that simplifies complex processes and helps them to work more efficiently and grow. This acquisition closely aligns with our drive to bring the latest cloud technology to our increasing number of construction customers. By combining our trusted financial solutions with innovative cloud preconstruction and project management capabilities, we will deliver a system that can run every part of a construction business.”
Norman Wendl, CEO and founder of Corecon, said: “Sage shares many of the same values and ambition as Corecon which makes it the perfect fit for our colleagues, products, partners and customers. We are excited about joining Sage on its journey to help deliver market-leading solutions to the construction industry. What’s more, the acquisition will allow our product suite to accelerate and reach new heights, benefiting our customers as well as their clients and business partners.”
Corecon’s solution will be integrated into accounting systems as well as the group’s existing products Sage Intacct Construction, Sage 300 Construction and Real Estate, and Sage 100 Contractor.
The deal marks the latest strategic acquisition of complementary US businesses, coming nine months after Sage announced a deal to buy Seattle-based Lockstep, a firm that offers accounting products and services for small and medium-sized businesses.
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