Braemont Capital and JettyCove Recapitalize RedTeam to Support Acquisition and Further Growth
ORLANDO, Fla. (GLOBE NEWSWIRE) — RedTeam Software, LLC (“RedTeam”), a leading construction management software provider, announced the acquisition of paskr, Inc. (“paskr”), a cloud-based construction management solution. This announcement is the latest in a series of strategic moves by RedTeam to consolidate its position as the premier construction platform provider for small and mid-sized commercial construction contractors. Financial terms were not disclosed.
In conjunction with the transaction, Braemont Capital and JettyCove are recapitalizing RedTeam to support the acquisition and provide capital to fund growth and further platform innovation across their growing suite of products.
Founded in 2004 by Pat Whelan, paskr’s construction management solution is designed for every team member to bid, build and track projects. paskr’s platform brings efficiency, visibility and accountability by streamlining back office and field operations. Following RedTeam’s acquisition of Fieldlens in December 2020, the addition of paskr allows RedTeam to now offer clients a comprehensive suite of solutions covering mobile field management software through to enterprise level workflow and management solutions.
“These are exciting times to be a technology partner to the construction industry as investments in digital transformation initiatives continue to accelerate,” said Jim Atkinson, CEO of RedTeam. “Both RedTeam and paskr were founded and built by contractors to solve real challenges faced by commercial contractors. The companies share similar origin stories and we are pleased to come together to offer such a strong set of solutions for this distinct and important aspect of the construction market. We are excited to rapidly grow our presence in the construction market, with the support of Braemont and JettyCove.”
“This transaction with RedTeam presents an outstanding opportunity for our company, employees and customers. The investment delivers an immediate and compelling opening for paskr and RedTeam to leverage our natural strengths and position the combined company to better serve the market,” commented Pat Whelan, founder and CEO of paskr. “Under Jim’s leadership of our combined team of dedicated employees, the company is well equipped to meet the needs of our clients and create tremendous value for the construction community.”
Jeff Volling, Partner at Braemont Capital, commented, “Across industries, organizations are adopting technology at a faster pace to better serve the changing behaviors of their customers. RedTeam, now with the addition of paskr, provides a robust suite of integrated software solutions purpose-built for commercial construction entities of all sizes. We look forward to working with Jim and his management team, alongside the JettyCove team, with an aim to accelerate the company’s strong momentum and spur continued growth.”
“We are pleased to continue our support of RedTeam in this next chapter, and to bring in Braemont as a value add partner. With this combination we can aggressively grow organically and continue to look for complimentary products to join the RedTeam family,” said Jamie Nissen, Founding Partner at JettyCove. “RedTeam has an exceptional brand and set of products to serve the construction industry and we are confident we will continue to deliver innovative customer solutions as we grow.”
RedTeam recently made the Inc. 5000 list of fastest growing companies, having achieved a three-year compound annual growth rate of 160 percent. RedTeam solutions have been used by more than a thousand general contractors and several hundred thousand users to manage a collective $25 billion of commercial construction work in place and in progress.