BOSTON--(BUSINESS WIRE)--Battery Ventures, a global, technology-focused investment firm, announced the sale of its portfolio company Newforma to Ethos Capital, a Boston-based private equity firm. Terms of the transaction were not disclosed.
Newforma, based in Boston, is a well-known producer of project-information management (PIM) software for architects, engineers, contractors and other construction-related companies. The company’s technology streamlines communication, manages files and simplifies construction administration for its users, powering real-time collaboration and more efficiency.
More than 122,000 professionals in more than 1,200 companies worldwide use Newforma’s software, including more than 200 of the ENR Top 500 design firms, according to the company. Newforma has additional offices in London, Munich, Singapore and Sydney.
“Newforma is a great example of the power of industry-specific software to solve specific business problems—in this case, helping engineers, architects and others in the construction industry do their jobs better and more efficiently,” said Michael Brown, a Battery general partner who served on Newforma’s board. “We’re very bullish on this vertical and have made other investments, notably in ServiceTitan*, Craftview* and Kojo*, in the construction sector and the trades.”
Brock Philp, Newforma’s CEO, said: “Through our partnership with Battery, we pursued growth organically and through several add-on acquisitions. We’re excited to continue our growth journey with our new partners at Ethos and look forward to more innovation ahead.” Philp will stay on as CEO as part of the transaction.
“Newforma truly exemplifies Battery’s buyout strategy–identifying best-in-class technologies and then driving revenue expansion through organic growth and complementary acquisitions,” added Roland Anderson, a Battery principal who also served on Newforma’s board. “We are thrilled that Ethos has chosen to partner with Newforma and its management team for its next phase of growth.”
*Denotes a Battery portfolio company. For a full list of all Battery investments and exits, please click here.
About Battery Ventures
Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, consumer tech, healthcare IT and industrial technology and life-science tools. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from offices in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.
About Newforma
Newforma’s Project Information Management (PIM) software streamlines communication, manages files and simplifies construction administration for architects, engineers, contractors, and owners. The company’s software will reduce the amount of time spent on administrative tasks, streamline project workflows and power real-time collaboration for project teams. Newforma software has more than 122,000 users in more than 1,200 firms. For more information, visit newforma.com.
