- Private equity firm Riverwood Capital views
HammerTech's safety intelligence software platform as a
'mission-critical solution' for construction
- The investment will fund growth and the integration of AI
and other technologies to deliver further efficiency gains to
contractors.
MELBOURNE, Australia and MENLO PARK, Calif., July 15,
2024 /CNW/ -- Construction safety software company
HammerTech is set to accelerate business expansion and product
innovation following a US$70 million
(A$105 million) growth investment
from US-based Riverwood Capital, one of the leading investment
firms solely dedicated to technology growth and scalability.
The new capital will spur growth and accelerate research and
development. This includes the integration of AI and other
technologies into HammerTech's safety intelligence software
platform for general contractors and trusted by more than a million
workers globally.
"This is a pivotal moment in our evolution, ultimately
benefiting our clients and the industry," says HammerTech CEO and
Co-Founder Ben Leach. "We remain
focused on delivering further efficiency gains through smarter
workflows, keeping us at the forefront of construction technology
to ultimately make construction sites safer.
"Working on a construction site is still one of the most
dangerous jobs in the world, with the highest number of workplace
fatalities of any industry. Sadly, many of these life-changing
events are preventable.
"As projects become more complex, technologies must go beyond
digitizing forms. We need to make day-to-day processes and
activities easier for site teams so they can focus on working
safely and doing what they do best – building."
Alongside its financial investment, Riverwood brings expertise
in growing and scaling technology companies globally, guiding
HammerTech as it continues its ambitious expansion strategy.
"HammerTech powers the safety programs for the most sophisticated
construction firms in the world," said Jeff
Parks, Co-Founder & Managing Partner, Riverwood Capital.
"Ben and the team have built an incredible business centered around
delivering value to stakeholders, in an industry that is
traditionally underserved by transformative technologies.
"We couldn't be more excited to partner with such a visionary
team in the next phase of their growth as they bring a much-needed
enterprise-wide safety intelligence software to new markets and
customers."
"We view HammerTech as a mission-critical solution for
modernizing and automating job site safety," says Ramesh Venugopal, Partner, Riverwood Capital.
"From general contractors to specialty contractors to asset owners,
HammerTech delivers value that is driving tangible ROI all while
making the job site a safer place to work," said Ramesh Venugopal, Partner, Riverwood
Capital.
"We are impressed by its well-designed platform for onboarding
and orientation, safety inspections, incident reporting, and job
site compliance – with clear audit trails for lookbacks."
Founded in 2013, HammerTech has posted impressive growth. It now
serves over 500 clients worldwide, including contracting giants
with multibillion-dollar turnovers. They include Shawmut Design and
Construction, DPR Construction, and market leaders like Hutchinson
in Australia and European
contractor John Paul Construction.
HammerTech has been used on over 20,000 construction projects
around the world, with more than 3.6 million workers inducted via
the platform to date.
Growth equity firm Arrowroot Capital will remain a HammerTech
shareholder after investing in the Melbourne-headquartered firm in 2019.
Riverwood Capital will now have HammerTech board representation, in
addition to Arrowroot Capital.
Lightning Partners served as financial advisor to HammerTech in
connection with the transaction.
Media Contact:
North America:
Caitlin Mitchell, Riverwood Capital caitlin@rwcm.com
AUS: John Fergusson, Daymark,
john.fergusson@daymark.com.au +61 (0) 407 826 952
About HammerTech: Built for construction, HammerTech's
safety intelligence software platform was created to improve worker
safety and solve site efficiency challenges. Launched in 2013, the
breadth, deep insights and expertise of HammerTech is trusted by
over 20,000 projects led by construction's best contractors
including Hutchinson, DPR Construction, Shawmut Design and
Construction, and John Paul Construction to make their job sites
among the safest in the world. Visit www.hammertech.com to learn
more.
About Riverwood Capital: Riverwood Capital invests
in high-growth companies in the technology and technology-enabled
industries. Riverwood offers a unique combination of operational,
strategic, technology, and financial insight to portfolio companies
that typically need growth capital and expertise to scale on a
global basis. The firm seeks to invest in established businesses
with a proven technology and business model, and the proper fit in
terms of culture and values. Riverwood was founded in 2008 and has
had the opportunity to invest in and support over 80 companies
since inception. The Firm has offices in Menlo Park, CA; Miami, FL; New
York, NY; and São Paulo, Brazil. Please visit
www.riverwoodcapital.com.
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SOURCE HammerTech; Riverwood Capital