LOUISVILLE, KY (September 3, 2002) – Chrysalis Ventures, Kentucky’s largest venture capital firm and a leading source of equity capital for young growth companies in the Southeast and Midwest, announced today that it has completed a $1.5 million equity investment in Cincinnati-based Construction Software Technologies, Inc. Chrysalis Ventures co-led this investment with River Cities Capital Funds of Cincinnati which invested $2.0 million. Messer Construction, a Cincinnati-based regional general contractor, also participated as a strategic investor. Other investors also participated. The total investment of $5.5 million is the first institutional investment round for Construction Software Technologies.
Construction Software Technologies, Inc. is a leading provider of online construction information for general contractors and public plan rooms serving the commercial and industrial construction markets. Construction Software Technologies electronically hosts all project information including plans (blueprints) and specifications to facilitate the online planning, bidding and post bid process for both public and private construction projects. Construction Software currently provides public plan room information in 17 states in conjunction with local chapters of the Associated General Contractors of America (AGC), and is serving a growing list of the nations largest general contractors in these regions. The company’s products are known in the market by the name “iSqFt.”
Construction Software Technologies will use the investment proceeds to enhance their na tional sales and marketing program; selling direct to general contractors and subcontractors through its strategic partnership with the Associated General Contractors of America.
According to Bob Saunders, Chrysalis Ventures managing director, “Construction Software Technologies is a regional company addressing a large national and potentially international market opportunity. The company fits squarely in our core geographic focus on the four -state Kentucky, Ohio, Indiana and Tennessee area. The company has proven to have substantial traction even in difficult market conditions and we are very impressed with their experienced management team.”
“Our focus on delivering sustainable value to our growing customer base has enabled Construction Software to survive during difficult times,” said Dave Conway, CEO Construction Software Technologies. “The company has received tremendous support from the AGC Chapters and other key partners who believe in the fundamentals of our business. We are excited about the new resources and strategic value provided by our investors and Construction Software is now poised to grow rapidly and deliver ongoing value to our customers.”
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is Kentucky’s largest venture capital firm and a leading source of equity capital for young growth companies in the Southeast and Midwest. Chrysalis invests primarily in early-stage companies in the business services, information technology, media and entertainment, telecommunications, financial services and healthcare sectors.
For more information, please visit www.chrysalisventures.com.
About Construction Software Technologies, Inc.
Construction Software Technologies, Inc. is a leading provider of online construction information for the commercial and industrial construction markets. A Cincinnati-based company, founded 1993, Construction Software Technologies electronically hosts construction project information to facilitate the online planning, bidding and post bid process for both public and private projects. Construction Software’s products are known in the market by the name “iSqFt.” For more information, please visit www.isqft.com.