Investment Will Help Meet Surging Demand for Modern Marketing and Business Development Software in Architecture, Engineering, and Construction Industry
AUSTIN, Texas, July 11, 2018 (GLOBE NEWSWIRE) -- Cosential, the market leader in CRM and proposal automation software for Architecture, Engineering and Construction (AEC) firms, today announced it has closed a $34 million strategic growth investment from JMI Equity, a growth equity firm focused on investing in leading software companies. The funding will be used to accelerate market development, expand corporate infrastructure and continue fueling the company’s rapid pace of product innovation.
“AEC is a 100-year-old industry going through a generational shift as companies recognize the need for real-time data and analysis to drive marketing and business development,” said Dan Cornish, Founder and CEO of Cosential. “The fact that we’re already working with half of the top 100 engineering and construction firms is a convincing demonstration that we’re in the right position, at the right time, with a solution built specifically for this challenge. We are excited to collaborate with JMI as we scale our organization to meet the tremendous market demand.”
Cosential’s cloud-based software platform creates a single system of record, purpose-built for the unique project-based needs of AEC marketing and business development teams. Created by experts with decades of industry-specific experience, Cosential enables firms to quickly and intelligently leverage customer, project and financial data to grow revenue without the need for costly system integration and customization.
In connection with the financing, Bob Nye, General Partner at JMI, will join Cosential’s board of directors. “We are impressed with Cosential’s leadership in an industry that is rapidly adopting its innovative solution,” said Nye. “In our conversations with customers, it was clear that Cosential’s unique focus delivers tangible value through increased sales effectiveness and higher win rates. We look forward to our partnership with the Cosential team as they continue to revolutionize sales and marketing for the AEC industry.”
About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 130 businesses in its target markets, successfully completed over 85 exits, and raised more than $3.0 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information, visit www.jmi.com.
About Cosential
Since its founding in 1999, Cosential has been providing comprehensive CRM and Proposal Automation solutions for some of the world’s largest Architecture, Engineering, and Construction (AEC) firms. Cosential’s cloud-based software platform saves time, reduces cost and complexity, and leads to increased sales and better outcomes for hundreds of businesses. The company’s customers include half of the Top 100 AEC firms in the US. For more information, visit https://www.cosential.com.