HCSS, the leading supplier of estimating, operations, and fleet management software, partners with leading software investor Thoma Bravo to accelerate innovation and leadership in the digital transformation of the global construction industry
HOUSTON—HCSS, the leading supplier of estimating, operations, and fleet management software, today announced that it has entered into a definitive agreement to be acquired by Thoma Bravo, a leading software investment firm. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2021. Financial terms of the transaction were not disclosed.
HCSS, which has been privately owned for 35 years, found the ideal strategic partner for the future. The partnership is designed to benefit HCSS's customers, employees, and shareholders alike. HCSS is a leader and pioneer in the construction industry with a long track-record of developing software to help construction companies streamline their operations. The company is known for its wide range of innovative products and its world-class 24/7 instant support by knowledgeable support techs.
HCSS's dedicated employees, who own 32% of the company through an ESOP, have been instrumental to the company's success and support each HCSS customer with an owners' mentality. Thoma Bravo appreciates the unique culture that has driven HCSS's success and will leverage its deep software and industry expertise to help further strengthen the company as it expands and enhances its industry leading construction software solutions.
Thoma Bravo, whose construction portfolio companies include Command Alkon, will help HCSS continue its culture of innovation and customer centricity, while boosting investment in key areas of the company. Customers can expect to see innovation and more efficiencies in supply chain software that provides information faster and dramatically reduces administrative work and errors.
"Through this partnership and the innovation and growth it will deliver, my vision is that foremen, superintendents and project managers will be able to easily order materials from the HCSS applications they already use and track the status of those materials at all times through final placement," said Mike Rydin, Founder and CEO of HCSS. "While we have sustained double digit annual growth for more than 20 years, Thoma Bravo's knowledge of international markets will accelerate growth for all our product suite on a global scale. We're so grateful for the customers that have brought us this far, and we are committed to keeping our customer first as we move forward. The future looks very bright."
"Thoma Bravo is the ideal strategic partner for HCSS because of their expertise and focus, but also because of their long-term perspective," said Steve McGough, President and CFO of HCSS. "It's the combination of the cultural fit and alignment and their track record of success in helping market-leading businesses drive new levels of growth and maturity that makes this such an exciting partnership."
"It's a special moment for us when we have a chance to steward a legacy the likes of which has been created by Mike and his team at HCSS," said A.J. Rohde, a Senior Partner at Thoma Bravo. "The heavy construction market is poised to undergo its most significant historical change in both innovation and industry investment, and we can't wait to see what we can do together with HCSS to enable their customers to stay ahead."
"HCSS is leading the way in connecting the entire construction ecosystem with real-time production data and visibility that has never existed before," George Jaber, a Vice President at Thoma Bravo, added. "We will invest heavily in this initiative and are excited about the benefits it will bring to the company, its employees, and its customers."
ABOUT THOMA BRAVO
Thoma Bravo is one of the largest private equity firms in the world, with more than $83 billion in assets under management as of June 30, 2021. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm's deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired more than 325 companies representing over $100 billion in enterprise value. For more information, visit thomabravo.com.
HCSS is the trusted leader in construction software for estimating, field entry, project management, safety, digital plans, 3-D drone imaging, fleet management, and telematics. For 35 years, the company has used annual user's group meetings to listen to customers resulting in innovative software to manage every part of the project lifecycle. With 24/7 instant support and a proven implementation process, HCSS has helped improve operations for over 3,500 companies ranging from $1M to billions in revenue across the United States and Canada. HCSS, a 14-time Best Place to Work in Texas, has a unique 12-acre campus in Sugar Land, Texas with 3 buildings capable of housing 700 employees. Learn more at hcss.com.
Read the release on the Newswire website here.