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[February 07, 2014]
Viewpoint Construction Software buys Maxwell Systems, adds 200 employees [The Oregonian, Portland, Ore. :: ]
(Oregonian (Portland, OR) Via Acquire Media NewsEdge) Feb. 07--Portland-based Viewpoint Construction Software announced its biggest acquisition to date this morning, buying a Pennsylvania company called Maxwell Systems that provides software for contractors.
The companies didn't report terms of the deal, but Viewpoint said the acquisition brings with it 200 Maxwell employees and expands the Portland company's work force to nearly 700.
Some Maxwell employees will lose their jobs in the deal, but Viewpoint declined to say how many or how much the deal will add to the Portland company's revenue. Viewpoint will retain Maxwell's office in King of Prussia, near Philadelphia, and smaller satellite offices elsewhere.
This is the latest -- and largest -- in a series of acquisitions that began in 2011. Viewpoint also bought companies in England and Florida, and two in North Carolina. Those were small deals, adding only a few dozen employees altogether.
Today's purchase significantly expands Viewpoint's market. It primarily serves large construction companies with revenue above $100 million. Buying Maxwell broadens its software portfolio to include similar, Microsoft-based tools aimed at smaller contractors that don't need robust computing systems.
"It adds to our product portfolio in a meaningful way," said Jay Haladay, Viewpoint's chief executive and chairman.
Viewpoint, which was once known as Coaxis, is among the biggest tech companies based in Portland. It employs more than 250 at its headquarters at the east end of the Hawthorne Bridge and is in the process of expanding into a second building across the street.
Its revenues grew nearly 50 percent in 2012 to $59.2 million. Haladay said last year's results haven't been audited yet, but that Viewpoint extended its recent growth trajectory last year.
The company took a $76 million investment from private equity firm TA Associates in 2012 and said last fall that it might consider a public stock offering as early as this year.
Note: This article has been updated with additional information from Viewpoint.
-- Mike Rogoway; twitter: @rogoway; phone: 503-294-7699 ___ (c)2014 The Oregonian (Portland, Ore.) Visit The Oregonian (Portland, Ore.) at www.oregonian.com Distributed by MCT Information Services
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