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FOR IMMEDIATE RELEASE
Contact: Bob Saunders
Managing Director
Chrysalis Ventures
502-583-7644
CHRYSALIS MAKES $1.5 MILLION INVESTMENT
IN CONSTRUCTION SOFTWARE TECHNOLOGIES, INC.
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.
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