Textura Acquires LATISTA for $35M in Cash
Textura® Corporation (NYSE: TXTR) announced today that it has agreed to acquire LATISTA, the leading provider of mobile-enabled solutions for construction project collaboration, for cash consideration of $35 million. The deal is expected to close on or about December 2, 2013.
"LATISTA propels us to the forefront of the application of mobile technology to the construction industry," said Patrick Allin, Chairman And Chief Executive Officer, Textura Corporation. "We welcome the LATISTA team to our organization and are excited about the prospects of expanding the breadth of our industry leading platform of solutions, investing in LATISTA's high revenue growth business and leveraging their proprietary, patented technology to develop mobile capabilities for our existing core solutions."
The construction industry has embraced the adoption of mobile technology; smart phones and tablets are becoming prevalent on job sites everywhere. According to a recently published survey from Engineering News-Record (ENR), 94% of general contractors with greater than $10 million in annual revenue will adopt tablet usage in the field by 2015 – with 97% of them already having adopted some