The global commercial construction industry is estimated to be around $7 trillion per year … and yet it’s a market that has gone mostly neglected by tech vendors.
However, the founders of Textura (TXTR) — William Eichhorn, Howard Niden and Patrick Allin — saw this as a massive opportunity, and it put serious work into addressing it.
Textura’s founders spent five months researching the industry. After talking to many general contractors, subcontractors, materials suppliers, architects, banks and insurance companies, they set about to draft patents to protect their innovative software ideas! Now TXTR is in an ideal position.
Textura operates a platform that includes a full-fledged suite of applications to provide for construction payment management, electronic signatures, processing of legal documents, review and routing of project submittals, estimates, bidding and risk assessment. It even has the capability to deal with the complicated issues of the environmental certification process.
Textura also has an advantage in that it’s service is based on collaboration — customers ideally will encourage other parties to use the system to improve construction projects.
In tech-speak, the application is “viral.”
While Textura still has work to do on the profitability front, growth is plain for all to see. In the latest quarter, TXTR’s revenues jumped 65% to $9.4 million, and they doubled for fiscal 2012 to $21.7 million.