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Sat July 31 2021

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Construction software firm gets £120m injection

29 Jun Construction software developer Causeway Technologies has secured a £120m private equity investment.

Phil Brown, chief executive and executive chairman of Causeway
Phil Brown, chief executive and executive chairman of Causeway

Causeway said that the money would be used to fund acquisitions and develop its cloud platform.

The new investor is Five Arrows Principal Investments, the European private equity arm of Rothschild & Co, which now takes ‘a significant minority stake’ in Causeway.

Five Arrows partner Vivek Kumar and managing director Sacha Oshry will join the board of Causeway.

In 2017 Guggenheim Investments put £40m into a previous refinancing of Causeway.

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Phil Brown, chief executive and executive chairman of Causeway, said: “This investment marks another leap forward for our business and for the value we can add to our customers. Our core purpose and passion is to digitally enable the global construction industry – the support of Five Arrows allows us to accelerate our work to help solve our customers’ challenges.

“Our ambition is to ensure that data flows seamlessly across the construction process, making our customers more efficient and their data more useful and actionable. That is the only way to drive better project outcomes, especially around value and quality.

“While cloud-based tools and mobile connectivity have helped put solutions into people’s hands, much is still very fragmented in this industry. We are building a persona-based platform with relevant applications and data delivered to each member of the construction supply chain via their desktop or mobile devices. The platform will be open, making it easy to integrate with both third-party applications and any bespoke, customised applications that customers might have had developed. This approach will help break down silos and give businesses large and small, in all parts of the construction ecosystem, complete visibility and control over their projects and supply chains.”

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