Construction industry biometrics supplier Causeway raises £120M, plans further acquisitions
Construction project technology provider Causeway, which acquired biometric construction site workforce management technology provider Donseed in 2019, has picked up a £120 million (roughly US$166.2 million) investment. The company plans to use its new funding to make strategic acquisitions and further develop its cloud platform for accelerated growth of its efforts to digitize construction supply chains.
The funding is provided by Rothschild & Co.’s European corporate private equity arm, Five Arrows Principal Investments, in return for a minority stake in Causeway referred to as “significant” in the announcement.
“Our ambition is to ensure that data flows seamlessly across the construction process, making our customers more efficient and their data more useful and actionable,” comments Causeway Executive Chairman and CEO Phil Brown. “That is the only way to drive better project outcomes, especially around value and quality.”
“While cloud-based tools and mobile connectivity have helped put solutions into people’s hands, much is still very fragmented in this industry,” Brown adds. “We are building a persona-based platform with relevant applications and data delivered to each member of the construction supply chain via their desktop or mobile devices. The platform will be open, making it easy to integrate with both third-party applications and any bespoke, customised applications that customers might have had developed.”
The persona basis Brown refers to could leverage the company’s biometrics-based labor management capabilities gained in the Donseed deal.
Five Arrows Partner Vivek Kumar and Managing Director Sacha Oshry will join Causeway’s board under the finding agreement.