Contruent, a SaaS company that develops industry-leading cost management solutions which enable Owners and Engineering & Construction firms to deliver mega projects with greater precision and speed, announced it has acquired ProcureWare, a cloud-based procurement management solution, formerly owned by Bentley Systems.
ProcureWare is a cloud-based e-Procurement portal that allows enterprises to manage vendors, solicit and receive bids, compare bids and award contracts from one central location. With comprehensive features such as vendor, bid, and contract management, ProcureWare streamlines the bidding process, fosters collaboration between enterprises and supply chains, and minimizes the risk of cost overruns.
“We are thrilled to be investing in our product with this strategic acquisition,” said Ryan Kubacki, CEO of Contruent. “Our team has been working hard to enhance our product and deliver even greater value to our customers. This acquisition solidifies our company’s commitment to remaining the leading cost management solution for capital projects globally.”
Since receiving strategic investment from M33 Growth, a Boston-based growth equity firm, the business has rapidly transformed. The acquisition follows a year of significant product investment at Contruent, characterized by a doubling of its R&D efforts. This progress was amplified by the launch of Contruent Enterprise, its SaaS based solution, new product leadership, and the unveiling of its product roadmap.
“ProcureWare is the perfect addition to our company,” said Rich Humphrey, Chief Product Officer at Contruent. “Procurement is crucial in every capital project, and adding a solution that optimizes contracts and commitments enables Contruent to deliver a complete cost management lifecycle solution.”
ProcureWare will complement Contruent’s existing procurement tool, which has proven invaluable to customers spanning diverse industries such as infrastructure, oil and gas, energy, transportation, and mining. The addition will further empower customers to achieve cost precision from pre-construction planning through project completion, ensuring successful project delivery.
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