iSqFt and CMD Group (CMD) announced the companies have merged. After the merger is completed, the combined organization will provide comprehensive construction data and software solutions for customers across North America.
The combination brings together businesses with complementary strengths in different segments of the construction sector, creating an organization with an enhanced product offering for customers and a strong technology platform focused on innovation. After the merger is completed, the combined organization will provide comprehensive construction data and software solutions for customers across North America.
Dave Conway, President and CEO, iSqFt, will serve as the CEO of the combined company.
“CMD has established an excellent track record providing high-quality data, information and insights to the construction industry across North America,” Conway said. “With our shared commitment to customer service and product delivery, this merger fits into our long-term strategy to leverage the best of our combined companies to provide improvements on our already great data and deliver innovative solutions.”
“iSqFt and CMD share highly complementary capabilities which, brought together, will build on our firms’ reputations for outstanding customer service and will create exciting opportunities for our employees,” said CMD CEO Graeme McCracken. “We have great respect for the iSqFt team and the software and data solutions they provide, and we are excited about what we can achieve together as one team.”
CMD, formerly Reed Construction Data and Construction Market Data, is owned by Warburg Pincus, a leading global private equity firm focused on growth investing, and Reed Business Information. Warburg Pincus will continue to be a shareholder in the combined company.
“We are excited about the combination of iSqFT and CMD and look forward to partnering with the management teams to support the company’s growth initiatives,” said Warburg Pincus Managing Director Alex Berzofsky.
“We have been very pleased with the progress that iSqFt has made, including introducing new technology tools and solutions to enhance the customer experience,” commented Genstar Managing Director Eli Weiss. “This merger with CMD, which has established an equally impressive track record in the construction sector, will position the combined company well for continued growth.”
The combined company will be headquartered in Cincinnati, Ohio. Terms of the agreement were not disclosed.