Textura’s CPM, Early Payment Program, PlanSwift Solutions Named Constructech Top Products
CHICAGO (March 8, 2016) Textura Corporation (NYSE: TXTR), a leading provider of collaboration solutions for the construction industry, announced that three of its solutions, Construction Payment Management™ (CPM™), Early Payment Program™ (EPP™) and PlanSwift®, have been named winners of Constructech magazine’s commercial Top Products awards for 2016.
CPM and PlanSwift were recognized by the editors of Constructech in the Trusted Product category. EPP, which Textura® launched last year, won as a New Product. Constructech’s annual awards honor technology solutions that have demonstrated the greatest innovation geared toward the commercial construction market.
The Trusted Product category is for solutions that have been in the market for at least three years. Winning products are selected based on several criteria, including the product’s overall usefulness and uniqueness to the construction industry, as well as customer adoption and product growth, according to Constructech.
Textura-CPM is a web-based Software-as-a-Service (SaaS) solution that integrates key construction payment management processes – including billing, lien waiver collection, progress claims, statutory declarations, sub-tier waivers, compliance management and payments – into a seamless, online workflow that facilitates collaboration across project participants. By streamlining, automating and standardizing document generation, routing and approval, CPM improves payment outcomes for all users by greatly increasing efficiency, enhancing visibility and mitigating risk.
Launched in 2006, CPM was Textura’s first collaboration solution. As of the end of 2015, CPM had been used on over 25,000 projects, representing approximately $274 billion in construction value, by more than 800 owner/general contractor organizations and the more than 80,000 subcontractors that worked on those projects.
PlanSwift is a fast and easy-to-use software for accurately completing takeoffs. With PlanSwift’s visual point-and-click interface, users can drag and drop individual products and assembled product groups directly onto a digitized blueprint. PlanSwift calculates the takeoffs automatically, reducing time and effort. PlanSwift in January was also named one of Constructech’s residential Top Products for 2016.
New Product honoree EPP is an innovative alliance between Textura and financial services company Greensill Capital. Designed to optimize working capital management at construction companies, EPP enables general contractors to use third-party funding to offer optional early payment across their subcontractor community. This approach reduces subcontractors’ typical payment waiting time from weeks or even months to just days after invoice approval. By improving cash flow and making payment timing predictable, EPP provides an affordable option for subcontractors that can reduce their need for traditional financing, diminish financial stress and help subcontractors better manage their working capital.
EPP is a pioneering solution that enables the use of supply chain finance (SCF) programs in construction. It works by leveraging the financial strength of the general contractor’s balance sheet and using Textura’s CPM technology to facilitate early payment to subcontractors through Greensill Capital, an independent financial services firm and principal investor group specializing in structured trade finance, working capital optimization, specialty financing and contract monetization.
“It is an exciting time to be a commercial contractor. We had the opportunity to see and judge a plethora of both New and Trusted Products designed specifically with the construction industry in mind,” said Peggy Smedley, editorial director, Constructech magazine. “With a combination of technology and unique payment strategy, Textura’s Early Payment Program solves a big challenge in the industry: the long waiting period between invoice submission and payment in construction. The program will ultimately provide benefits for both GCs and subs.”
Dave Habiger, interim CEO of Textura, stated: “We are honored that Constructech has again recognized Textura for its commitment to developing powerful, innovative solutions that address critical industry challenges. The same spirit of invention that drove the development of our first solution, CPM, underpinned the creation of the Early Payment Program, and we remain focused on delivering solutions that drive value for clients by improving project outcomes for all users.”
Textura is a leading provider of collaboration and productivity tools for the construction industry. Our solutions serve all construction industry professionals across the project lifecycle – from takeoff, estimating, design, pre-qualification and bid management to submittals, field management, LEED management and payment. With award-winning technology, world-class customer support and consistent growth, Textura is leading the construction industry’s technology transformation. www.texturacorp.com