With increasing capital infusion, moving to the cloud has been made even easier with for construction industry insiders. Case in point: Recently, Bank Street Capital Partners, www.bankstreet.com, Stamford, Conn., closed a $6 million investment in LoadSpring Solutions, www.loadspring.com, Wilmington, Mass.
LoadSpring is a cloud-based project management solutions provider serving companies in the architecture, engineering, and construction sector.
The company says it will use this investment for growth of its sales organization and distribution channels, enhancement of the SpringBoard platform and product offering, and establishment of a European division to better support existing customers and raise the company’s prominence in the region. Additionally, LoadSpring will make resourceful, tuck-in acquisitions of complementary businesses.
It’s a move that will further establish SpringBoard, LoadSpring’s cloud platform. LoadSpring is already a management tool in the market and a technology asset. This planned investment enables the company to accelerate advancements in mobile applications and global performance technologies; delivering a powerful and flexible solution that will realize for construction insiders the massive power of the cloud.
“LoadSpring’s unique SpringBoard Cloud Portal enhances the experience of using and managing multiple underlying hosted applications for the company’s customers and offers open-ended potential for growth for LoadSpring as a flexible platform for expanding the portfolio of applications under management,” says Steve Lee, managing director, Bank Street Capital Partners.
These growth trends are aligned with recent IBM, www.ibm.com/us/en, Armonk, N.Y., research, which concludes nearly half of the businesses using SaaS (software-as-a-service) are achieving a significant competitive advantage, rather than simply reducing costs. And there is no sign of slowing growth: The worldwide market is projected to increase from $18.2 billion in 2012 to $45.6 billion in 2017.