Category: Technology

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Business Technology

Demotech affirms financial stability rating assigned to Gateway Insurance Company

JERSEY CITY, N.J. — (BUSINESS WIRE) — #FSR—Buckle, a tech-enabled financial services company, announced the Financial Stability Rating® (FSR) of A, Exceptional, assigned to its licensed carrier, the Gateway Insurance Company, has been affirmed by Demotech, Inc., based on year-end 2020 results. FSRs are a leading indicator of the financial stability of property and casualty insurers and title underwriters. Last year, Buckle announced the acquisition and recapitalization of Gateway, including its 47 state insurance licenses.

“Buckle’s mission is to serve the emerging middle class and providers to the gig economy with our inclusive, digital financial services platform,” said Kristi Matus, CFO and COO of Buckle. “We are pleased to receive this affirmation from Demotech, allowing Buckle to continue working toward our vision of helping gig workers to achieve economic freedom through our insurance products that provide excellent coverage at fair prices.”

This level of FSR is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus regarding policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves (L&LAE), and realistic pricing.

FSRs summarize Demotech’s opinion of the financial stability of an insurer regardless of general economic conditions or the phase of the underwriting cycle. FSRs utilize statutory financial data based on insurance accounting principles prescribed or permitted by the National Association of Insurance Commissioners (NAIC). Since 1989, FSRs of A or better have been accepted by the major participants in the secondary mortgage marketplace.

About Demotech, Inc.

Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning accurate, reliable, and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer. Demotech’s philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size. Demotech was the first to review and rate independent regional and specialty insurers. Demotech’s consistently increasing list of accreditations and acceptances has resulted in rating and reviewing more than 400 insurers operating in the U.S. Visit www.demotech.com for additional information.

About Buckle

Buckle provides a financial services platform that focuses on insurance, credit, and advocacy for the gig economy. The company is reinventing the insurance model to more efficiently manage risk, supporting the entire ecosystem of drivers, fleets, and transportation network platforms to help everyone achieve economic freedom. Connect with Buckle on Facebook, Twitter and LinkedIn. Visit www.buckleup.com.

All trademarks recognized.

Contacts

Tracy Wemett

BroadPR

+1-617-868-5031

tracy@broadpr.com

Categories
Business Technology

NICE revolutionizes digital smart self-service with the launch of CXone Expert following the acquisition of MindTouch

CXone Expert is the industry’s first digitally fluent self-service solution combining data, AI and knowledge management, turning bots into smart digital agents

HOBOKEN, N.J. — (BUSINESS WIRE) — #NICE—NICE (Nasdaq: NICE) today announced the launch of CXone Expert, following the acquisition of MindTouch Inc., a San Diego-based leader in cloud-based knowledge management software for customer experience. CXone Expert is a comprehensive artificial intelligence (AI)-powered knowledge management solution that reduces friction by projecting personalized content to customers seeking self-service while injecting crucial insights throughout the customer journey. CXone Expert eliminates the frustration with today’s self-service experience by infusing AI and data, turning bots into smart AI-based agents.

When communicating with customer service organizations, today’s consumers expect choice and flexibility similar to what they enjoy with friends and family. CXone Expert brings effortless self-service experiences through the digital channels customers turn to first, from mobile applications and search engines to chatbots and websites by surfacing the right content when, where and how they want it. The solution provides a seamless experience all the way to human assistance by giving agents the full context and power to see the customer’s journey and create an intelligent, constructive conversation.

“We face a new breed of next-generation consumers who live in a digital world,” said Paul Jarman, NICE CXone CEO. “They want smart self-service, and they would like to get things done digitally on their own if they can. With CXone Expert, we are helping companies apply smart self-service best practices using AI technology to meet consumer demand for faster, more convenient experiences.”

According to the 2020 NICE CXone Customer Experience (CX) Transformation Benchmark, Consumer Wave, 8 in 10 consumers are more willing to do business with companies that offer self-service options, yet only 61 percent agree that companies are offering easy, convenient self-service. When rating self-service channels, only one-third of consumers are highly satisfied. Moreover, half of consumers who start with self-service report they are transferred to a live agent. Two-thirds of those who are transferred say they need to repeat the information they previously provided in the self-service channel. CXone Expert helps close that gap by showing agents what customers have searched for and seen prior to submitting a case, offering a truly seamless omnichannel experience.

CXone takes a holistic approach to improving both agent and customer experiences, helping organizations of all sizes modernize and remain agile and resilient in today’s increasingly digital landscape. CXone provides the most comprehensive digital-first omnichannel offering in the Contact Center as a Service market, as the first and only platform unifying best-in-class omnichannel routing, analytics, workforce optimization, automation, and artificial intelligence on an open cloud foundation.

About NICE

NICE (Nasdaq: NICE) is the world’s leading provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, are using NICE solutions. www.nice.com

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Jarman, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners; cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Contacts

Corporate Media Contact
Christopher Irwin-Dudek, +1 201 561 4442, ET, chris.irwin-dudek@nice.com

Investors
Marty Cohen, +1 551 256 5354, ET, ir@nice.com

Categories
Business Technology

Buckle leverages Guidewire to deliver service excellence and drive process improvements

Rideshare insurer taps state-of-the-art Guidewire ClaimCenter to enable adjusters to more easily manage claims

JERSEY CITY, N.J. & SAN MATEO, Calif.  — (BUSINESS WIRE) — $GWRE #claims—Buckle, a tech-enabled financial service company, and Guidewire Software, Inc. (NYSE: GWRE), the platform P&C insurers trust to engage, innovate, and grow efficiently, today announced that Buckle is leveraging ClaimCenter to deliver service excellence and drive process improvements. The company is also leveraging SmartCOMM™ from Smart Communications for customer communications management. Guidewire is a reseller of Smart Communications, a Guidewire PartnerConnect Solution member.

Buckle launched in 2017 as a managing general agency (MGA) start-up to offer insurance to rideshare drivers first in the state of Georgia. In June 2020, the company acquired Gateway Insurance Company, formerly an indirect subsidiary of Guidewire customer Atlas Financial Holdings, Inc. Buckle examined ClaimCenter’s capabilities and saw that it addressed many of the company’s needs as it looks to grow and expand into other states, including Buckle’s recent launch in Tennessee in January.

 

“Claims is an important element in Buckle’s auto insurance product offering as today’s customers expect fast and accurate service,” said George Rosen, Vice President, Buckle TPA. “Using a state-of-the-art claims system like Guidewire will enable us to serve our members and customers as quickly as possible, and accurately every time. As the foremost leader in the industry, Guidewire is the best choice as Buckle continues to roll out its rideshare only insurance throughout the U.S.”

 

“We welcome Buckle to the Guidewire customer community with its use of ClaimCenter,” said Frank O’Dowd, chief sales officer, Guidewire Software. “We admire and look forward to seeing Buckle achieve its mission of building products to support the insurance and financial services needs of drivers in the shared economy.”

 

About Buckle

 

Buckle provides a financial services platform that focuses on insurance, credit and advocacy for the gig economy. The company is reinventing the insurance model to more efficiently manage risk, supporting the entire ecosystem of drivers, fleets and transportation network platforms to help everyone achieve economic freedom. Connect with Buckle on Facebook, Twitter and LinkedIn. Visit www.buckleup.com.

 

About Guidewire Software

 

Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 400 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.

 

As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.

 

For more information, please visit www.guidewire.com and follow us on Twitter: @Guidewire_PandC.

 

NOTE: For information about Guidewire’s trademarks, visit https://www.guidewire.com/legal-notices.

Contacts

Diana Stott

Director, Communications

Guidewire Software, Inc.

+1.650.356.4941

dstott@guidewire.com

Tracy Wemett

BroadPR

+1-617-868-5031

tracy@broadpr.com

Categories
Business Technology

Visual Lease reports Q1 milestones in product, brand, thought leadership and industry recognitions

Company continues to make strategic investments to help organizations manage, account for and maximize every asset within their lease portfolio

WOODBRIDGE, N.J. — (BUSINESS WIRE) — #leasemanagement—Visual Lease, the #1 lease optimization software, today announced results from the first quarter of 2021, which included new product features, resources and branding, as well as recognition for its high level of performance and customer satisfaction. Following its third consecutive year of double-digit revenue growth, Visual Lease is poised for another successful year ahead.

“Lease accounting standards ASC 842, IFRS 16 and GASB 87, have opened financial leaders’ eyes to the risks within their lease portfolios. We’ve anticipated this awakening, and we’ve been planning for it,” said Visual Lease’s founder and CEO, Marc Betesh. “In Q1, we continued to enhance our platform, create and distribute resources and expand our bench of industry experts to provide companies with what they need to not only minimize risk, but to also find opportunities across their lease portfolios.”

In Q1 2021, Visual Lease:

Product

  • Enhanced its most frequently used reports (Ad Hoc, Roll-Forward and Disclosure & Lease Accounting Standard Reports), which resulted in a 50% reduction in time for full-year report generation and greater overall performance.
  • Released a new Standards Options Report, providing an easy-to-read summary of critical options information, and empowering users to take action based on key details within their portfolio.
  • Announced a new Schedule Upload Feature, enabling users to quickly generate abandonment schedules with itemized interest and amortization entries.
  • Expanded GASB support, empowering clients to perform a sale-leaseback within the platform, accounting for the sale and subsequent leasing of a previously owned asset.

Brand

  • Unveiled its new branding,elevating its look and feel to mirror its ingenuity, passion and commitment to helping companies achieve confident lease accounting compliance with ease and unlock business opportunities within their lease portfolios.

Thought Leadership

  • Launched its Lease Accounting Solution Transition (LAST) PlannerTM, an interactive and easy-to-use tool that provides organizations with a custom plan to facilitate their move from one lease accounting platform to another.
  • Introduced its Lease Accounting Milestone Planner (LAMP)TM webinar series, providing companies with unique insight and resources to help them successfully plan out and schedule the steps needed to transition to ASC 842 and GASB 87.
  • Welcomed a new Senior Technical Accountant, Rosemary Courtney, CPA. Having served as a financial leader for public, private and not-for-profit companies, Rosemary brings deep expertise to the team, which she will use to help Visual Lease continue to innovate and expand its offerings.
  • Announced its Consult an Expert program,providing organizations with direct access to Visual Lease’s deep bench of accounting professionals and lease specialists.

Industry Recognitions

  • Continued to grow its Partner Alliance network, joining forces with industry-leading organizations to deliver increased value to shared customers:
  • Expanded existing relationship with RSM US LLP to now include a managed services offering.
  • Welcomed CFGI, the nation’s largest non-audit accounting advisory firm, to its Partner Alliance network.
  • Solidified its partnership with Solomon Edwards Group (SEG), a national professional services firm focused on strategy execution.
  • Named High Performer and Momentum Leader for Spring 2021 by G2:

“Visual Lease has been identified as a High Performer based on its high levels of customer satisfaction and quality of support ratings from real software users on G2, the world’s leading B2B software review platform. These reviews largely come from enterprise customers that Visual Lease serves,” said Dominick Duda, G2 Research Analyst. “Visual Lease’s high performance on the Spring 2021 Grid® Report for Lease Administration is a testament to both their product’s performance and the team behind their product. This position is powered by the authentic voice of the customer, captured in the verified user reviews of solutions in G2’s Lease Administration Software category.”

To keep up with announcements from Visual Lease, visit the Visual Lease Newsroom.

To register for the next ASC 842 Lease Accounting Milestone Planner webinar, visit here.

About Visual Lease

Visual Lease is the #1 lease optimization software for managing, analyzing, streamlining and reporting on lease portfolios. Developed by industry-leading lease professionals and CPAs, it combines GAAP, IFRS and GASB-compliant lease accounting controls with easy, flexible and automated lease management processes. More than 700 of the world’s largest publicly traded and privately-owned corporations rely on Visual Lease to control their lease portfolios, integrate with their existing business systems and maintain regulatory compliance. Committed to ongoing innovation and unparalleled customer service, Visual Lease helps organizations transform their lease compliance requirements into financial opportunities. For more information, visit visuallease.com.

Contacts

Erica Bonavitacola

Visual Lease

T+1 732 860 4838

ebonavitacola@visuallease.com

Geena Pickering

Affect

T+1 212 398 9680

gpickering@affect.com

Categories
Local News Technology

Supply chain delays negatively impact civil contractors in Q1

Latest findings from The Civil Quarterly show despite general optimism, the vast majority of civil contractors are challenged with getting materials to projects; concerned with increasing material costs

HAMILTON, N.J. — (BUSINESS WIRE) — In Q4 2020, Dodge Data & Analytics’ The Civil Quarterly (TCQ) reported that fewer than half (43%) of civil contractors believed fluctuations in the cost of construction materials had impacted their projects at the time. Today’s Q1 report, however, revealed a stark contrast to those findings. The vast majority have negatively felt these impacts, with 71% of civil contractors experiencing serious issues getting materials to projects and 76% now are concerned with cost increases for construction materials over the next six months.

With reports of moderate drops in backlog levels, revenues and profit margins in 2020, civil construction has faired the pandemic reasonably well. In fact, concerns about these three factors leveled off for most respondents by Q1 2021. In addition, 65% of civil contractors are optimistic about the ability of the market to provide new work, up from 58% from last quarter.

However, the positive outlook about new work is counterbalanced by the increased concern about the cost of materials. Over two-thirds (69%) of those who reported some concerns about material costs expect the price of steel to increase, and many also expect increases in the cost of pavement/concrete and aggregates. Lumber and piping were also frequently mentioned by the contractors surveyed. In addition, concerns about the cost and availability of construction equipment have grown, and Q1’s TCQ found that 34% of civil contractors reported impacts from the previous six months due to the cost of equipment, and 43% are concerned that prices are going to continue to rise.

The delay in these direct experiences of supply chain challenges may suggest long-term effects that are harder to rectify. While it is unclear whether this would impact the large infrastructure investments currently recommended by the Biden administration, they may impact the degree to which the civil construction sector can successfully bounce back in the first half of 2021.

In addition to supply chain insights, TCQ also featured an in-depth look and benchmark regarding the ways in which contractors gather and analyze data. The findings reveal an industry that is already seeing the advantages of their use of data but is also still reliant on manual processes. For instance, many still use paper forms for collecting data, especially for safety (38%) and material project delivery (31%). And of those collecting data, 32% manually conduct the actual analysis of it on paper as well, especially around safety.

Despite these limitations, about half of civil contractors report that their data gathering and analysis efforts result in:

  • More accurate estimations during the bidding process (56%)
  • Reduced rework (52%)
  • Better productivity (52%)
  • Increased budget performance (51%)
  • Improved safety (48%)

TCQ provides a quarterly snapshot of the current business health of contractors operating in this dynamic environment and explores trends in the industry: The report is the result of a partnership with Founding partner Infotech®, Platinum partner Hexagon and Gold partners Command Alkon and Digital Construction Works, and is based on original research collected from civil contractors and engineers. It is available for free download to help all those who have a stake in the U.S. civil construction industry. Future editions will continue to address a wide range of related topics providing a comprehensive view of this complex and ever-changing segment of the construction economy. Click here to download a copy: https://www.infotechinc.com/thecivilquarterly/.

About Dodge Data & Analytics: Dodge Data & Analytics is North America’s leading provider of commercial construction project data, market forecasting & analytics services and workflow integration solutions for the construction industry. Building product manufacturers, architects, engineers, contractors, and service providers leverage Dodge to identify and pursue unseen growth opportunities that help them grow their business. On a local, regional or national level, Dodge empowers its customers to better understand their markets, uncover key relationships, seize growth opportunities, and pursue specific sales opportunities with success. The company’s construction project information is the most comprehensive and verified in the industry. Dodge is leveraging its more than 125-year-old legacy of continuous innovation to help the industry meet the building challenges of the future. Learn more at www.construction.com.

About Infotech®:

Info Tech, Inc., DBA Infotech (Infotech) is a leading SaaS solutions provider for the infrastructure construction industry. Informed by DOT relationships and decades of experience, Infotech develops software solutions that bridge the gaps between owners, consultants, contractors, and other project stakeholders. Whether it be tools for construction administration and inspection or secure online bidding, all of Infotech’s solutions are built to increase transparency, productivity and the availability of data. Infotech is the developer of Appia®, Bid Express®, and Doc Express®, as well as the official contractor for AASHTOWare Project™. For more information, visit infotechinc.com.

About Hexagon:

Hexagon is a global leader in sensor, software and autonomous solutions. We are putting data to work to boost efficiency, productivity, and quality across industrial, manufacturing, infrastructure, safety, and mobility applications.

Our technologies are shaping urban and production ecosystems to become increasingly connected and autonomous – ensuring a scalable, sustainable future. Hexagon (Nasdaq Stockholm: HEXA B) has approximately 20,000 employees in 50 countries and net sales of approximately 3.9bn EUR. Learn more at hexagon.com and follow us @HexagonAB.

About Command Alkon: As the provider of the leading Supplier Collaboration Platform for Heavy Work, Command Alkon solutions deliver supply chain digital collaboration across the heavy construction community. CONNEX, a technology platform built for the industry, enables business partners to automate and integrate business process, capture real-time visibility into heavy material orders and deliveries, and share knowledge to promote certainty of outcomes. Command Alkon is headquartered in Birmingham, Alabama and has offices in locations around the globe. For more information, visit commandalkon.com.

About Digital Construction Works: Digital Construction Works (DCW) is a leading industry application and technology integration services and solution company. We help owner-operators and constructors accelerate the adoption and use of digital workflows, incorporate digital twins of assets, implement best practices, and, if needed, include the right combination of fit-for-purpose third-party technology to improve construction planning, design-build, operations, and project outcomes. We take current disparate applications and integrate them so they all work together, and they can be managed in a single, secure, integrated platform with project insights. DCW has highly skilled subject matter experts from many professional engineering backgrounds who are available for three types of engagements, including advisory services, resident engineer or consultant, or virtual consultant. http://www.digitalconstructionworks.com/

Contacts

Nicole Sullivan | AFFECT Public Relations & Social Media | +1-212-398-9680, nsullivan@affectstrategies.com

Categories
Business Technology

TransUnion joins Provenir Marketplace to help businesses accelerate credit risk decisions

Industry-Leading One-Stop Data Hub Provides Access to Hundreds of Data Sources

PARSIPPANY, N.J. — (BUSINESS WIRE) —   #banking–Provenir, a global leader in risk decisioning and data analytics software, recently announced that TransUnion (NYSE: TRU) has joined the Provenir Marketplace.

The Provenir Marketplace platform provides organizations with a one-stop data hub for easy access to data covering open banking, KYC/KYB, fraud prevention, credit risk, verifications, social media, collections, affordability and more.

To meet consumer and business demands for instant approvals, organizations need immediate access to a wide range of data sources to make informed, accurate risk decisions. TransUnion, a global information and insights company, will provide Provenir Marketplace users with access to industry leading data, analytics and solutions for real-time credit decisioning and consumer or device authentication, ensuring consumers and organizations can transact with confidence.

“This unique Marketplace brings together the leading stewards of data from around the globe to accelerate risk decisioning,” said Kathy Stares, Executive Vice President, Provenir Americas. “The wealth of data TransUnion brings will be extremely valuable to organizations seeking to make more informed decisions across the customer lifecycle.”

The Marketplace provides users with access to a wide variety of traditional and alternative global data, enabling them to make smarter risk decisions faster. By leveraging distinctive identifiers, information and insights available from TransUnion alternative and trended data innovations, organizations can gain a deeper and more diversified view of consumers and stay ahead of evolving risk strategies.

“The access to data provided by the Provenir Marketplace aligns with our company’s intent to provide information that can help people around the world access the opportunities that lead to a higher quality of life,” said Aaron Smith, Vice President – Global Technology Alliances, TransUnion. “We are excited to provide access to our incredibly valuable data through this innovative data sharing community.”

About Provenir

Provenir helps fintechs, financial institutions, and payment providers make smarter decisions faster by simplifying the risk decisioning process. Its no-code, cloud-native SaaS products make it easy to rapidly create sophisticated decisioning workflows. With a global data marketplace for seamless integration, powerful AI and machine learning models, and real-time insights, Provenir has supercharged decisioning speed. Provenir works with disruptive financial services organizations in more than 33 countries and processes more than 2 billion transactions annually.

Contacts

Media Contacts:

Provenir
Erin Lutz

Lutz Public Relations (for Provenir)

Erin@lutzpr.com
949-293-1055

TransUnion
Dave Blumberg, Senior Director of Public Relations, U.S. & International

David.Blumberg@transunion.com
312-985-3059

Categories
Local News Technology

Construction starts increase in March, but rising material prices could hamper recovery

A strong pickup in nonresidential building overpowers weakness elsewhere

HAMILTON, N.J. — (BUSINESS WIRE) — Total construction starts rose 2% in March to a seasonally adjusted annual rate of $825.3 billion, according to Dodge Data & Analytics. A solid gain in nonresidential building starts fueled the March gain, while growth in residential starts was minuscule and nonbuilding starts fell outright. The Dodge Index rose 2% in March, to 175 (2000=100) from February’s 172.


“The March increase in construction starts is certainly welcome news following the past three months of decline,” said Richard Branch, Chief Economist for Dodge Data & Analytics. “Construction will continue to improve as the year moves on. However, just as the pandemic is beginning to loosen its grip on the economy, logistical problems and the rapid escalation in material prices have stepped in as the primary risk to the construction sector. These issues may restrain opportunity in the coming months, causing the sector’s recovery to lag that of the overall economy.”

Below is the full breakdown across nonbuilding, nonresidential, and residential construction:

  • Nonbuilding construction starts fell 7% in March to a seasonally adjusted annual rate of $186.7 billion, following a sizeable gain in February. Miscellaneous nonbuilding sector (-43%) and environmental public works (-11%) led the decline, whereas the utility gas plant and highway and bridge categories rose 39% and 2% respectively.

For the 12 months ending March 2021, total nonbuilding starts were 10% lower than the 12 months ending March 2020. Highway and bridge starts were 3% higher on a 12-month rolling sum basis, while environmental public works were up 8%. Miscellaneous nonbuilding fell 19% and utility/gas plant starts were down 36% for the 12 months ending March 2021.

The largest nonbuilding projects to break ground in March were the $1.2 billion (1.1 GW) Sanborn Solar Facility in Mojave CA, the $525 million Azure Sky (350 MW) wind farm in Throckmorton TX, and the $425 million Double E Pipeline, a 135-mile pipeline between Eddy County NM and Waha TX.

  • Nonresidential building starts rose 13% in March to a seasonally adjusted annual rate of $235.3 billion. Institutional building starts rose 15% during the month fueled by gains in education, recreation, and public buildings. Commercial building starts increased 11% thanks to healthy gains across all commercial sectors. Manufacturing starts, meanwhile, lost 52% in March after strong levels during the previous two months.

For the 12 months ending March 2021, nonresidential building starts dropped 28% compared to the 12 months ending March 2020. Commercial starts declined 30%, institutional starts were down 20%, and manufacturing starts slid 56% in the 12 months ending March 2021.

The largest nonresidential building projects to break ground in March were a $306 million Amazon, Inc. warehouse in Maspeth NY, the $300 million Ball Corp. Aluminum Can factory in Pittson PA, and the $288 million TCCD Northwest Campus Redevelopment in Arlington TX.

  • Residential building starts increased by less than one percent in March to a seasonally adjusted annual rate of $403.3 billion. Multifamily starts rose by a brisk 33%, while single family starts slipped 9% lower.

For the 12 months ending March 2021, total residential starts were 6% higher than the 12 months ending March 2020. Single family starts gained 14%, while multifamily starts were down 14% on a 12-month sum basis.

The largest multifamily structures to break ground in March were the $329 million 1629 Market Street mixed-use project in San Francisco CA, the $287 million Schuylkill Yards West Tower in Philadelphia PA, and the $242 million National Urban League mixed-use building in New York NY.

  • Regionally, March’s starts rose in the West, South Central, and Northeast regions, but fell in the Midwest and South Atlantic regions.

About Dodge Data & Analytics

Dodge Data & Analytics is North America’s leading provider of commercial construction project data, market forecasting & analytics services and workflow integration solutions for the construction industry. Building product manufacturers, architects, engineers, contractors, and service providers leverage Dodge to identify and pursue unseen growth opportunities that help them grow their business. On a local, regional or national level, Dodge empowers its customers to better understand their markets, uncover key relationships, seize growth opportunities, and pursue specific sales opportunities with success. The company’s construction project information is the most comprehensive and verified in the industry. Dodge is leveraging its more than 125-year-old legacy of continuous innovation to help the industry meet the building challenges of the future. Learn more at www.construction.com.

Contacts

Nicole Sullivan

AFFECT Public Relations & Social Media

+1-212-398-9680, nsullivan@affectstrategies.com

Categories
Business Technology

Dodge Data & Analytics announces merger with The Blue Book Building & Construction Network

Strategic merger will create the most complete and unparalleled construction industry database used to empower the $1.3T U.S. construction industry

HAMILTON, N.J. & JEFFERSON VALLEY, N.Y. — (BUSINESS WIRE) — Dodge Data & Analytics (“Dodge”) and The Blue Book Building & Construction Network (“The Blue Book”) today announced that they are combining their businesses in a merger. Dodge’s owner, Symphony Technology Group (STG) – a leading private equity firm focused exclusively on business-to-business data, software and analytics companies – facilitated the transaction.


Dodge and The Blue Book have each successfully served the construction industry for more than 100 years, and their combined expertise and capabilities will give current and prospective customers access to the industry’s leading platform for data insight, market intelligence, firm discovery and networking. The combination will result in the Dodge | Blue Book Construction Industry Database, containing more than 10 billion data elements and comprising the most complete, up-to-date and accurate information about projects, people, firms and products in the industry.

“The Blue Book is one of the most respected brands in the construction industry, providing an indispensable resource for construction professionals to find one another to facilitate the connections necessary to deliver commercial construction projects,” said William Chisholm, Managing Partner at STG. “Combining The Blue Book with our existing portfolio company Dodge, the market leader in construction project information, allows us to create an indispensable resource for every firm on a local, regional or national level seeking information, connections and unique insights to create new relationships and to grow their business.”

Dodge CEO Daniel McCarthy will lead the combined company and The Blue Book President and General Manager Brian Tonry will continue in his current role. Former Blue Book CEO Richard Johnson will be integral in the combination of the two companies and will serve as a member of the combined company’s Board of Directors.

“The construction industry is undergoing a major digital transformation across the entire business lifecycle, and uniting Dodge and The Blue Book will provide construction business leaders the data and digital connections that help fuel their growth,” said McCarthy. “We’re confident that our combined offering will be unmatched and will help our customers improve their planning, win more new business and cultivate stronger relationships with the decision-makers that are involved in specifying products and awarding contracts for billions of dollars of construction projects every year.”

The Dodge and The Blue Book combination will offer a unified approach for new business generation, business planning, research and marketing services users can leverage to find the best partners to complete projects, and to engage with customers and prospects to promote projects, products and services.

The combined entity, powered by more than 1,200 team members, will annually serve:

  • 10+ billion data elements, unique for their timeliness and accuracy
  • 14+ million project and document searches
  • 60+ million annual messages centered around bidding opportunities
  • 1.2 million+ commercial construction professionals a month seeking growth opportunities
  • 40,000+ customers

“The Blue Book and Dodge have enjoyed a decades-long partnership of working together, so officially merging our businesses is a natural evolution, not only for the two companies, but for the construction industry overall,” said Johnson. “Bringing together these two market leaders will allow us to innovate faster, develop even more advanced solutions and scale our operations to keep up with the changing demands of our customers and the industry.”

Following the merger, the company headquarters will remain at the Dodge campus in Hamilton, New Jersey, and The Blue Book headquarters in Jefferson Valley, New York, will become a primary office for the company.

Owl Rock served as administrative agent and sole lead arranger for the debt financing. Paul Hastings and Shearman & Sterling acted as legal advisors to STG.

About Dodge Data & Analytics

Dodge Data & Analytics, founded in 1891, is North America’s leading provider of analytics and software-based workflow integration solutions for the construction industry. Building product manufacturers, architects, engineers, contractors, and service providers leverage Dodge to identify and pursue unseen growth opportunities. Whether on a local, regional or national level, Dodge empowers its clients to better understand their markets, uncover key relationships, seize growth opportunities and successfully pursue sales opportunities. The company’s construction project information is the most comprehensive and verified in the industry. Dodge is leveraging its more than 125-year legacy of continuous innovation to help the industry meet the building challenges of the future. To learn more, visit www.construction.com.

About The Blue Book Building & Construction Network:

The Blue Book Building & Construction Network, founded in 1913, is an employee-owned company and the largest, most active network in the U.S. commercial construction industry. Today, The Blue Book Network defines and delivers the industry through three unparalleled databases of: companies, projects and people. By integrating and understanding the relationships shared by these groups, The Blue Book Network provides an indispensable resource to connect with the industry every day. To learn more, visit www.thebluebook.com.

About STG

Symphony Technology Group (STG) is the private equity partner to market leading companies in data, software, and analytics. The firm brings expertise, flexibility, and resources to build strategic value and unlock the potential of innovative companies. Partnering to build customer-centric, market winning portfolio companies, STG creates sustainable foundations for growth that bring value to all existing and future stakeholders. The firm is dedicated to transforming and building outstanding technology companies in partnership with world class management teams. STG’s expansive portfolio has consisted of more than 35 global companies. For more information, please visit www.stgpartners.com.

Contacts

Media Contact:
Nicole Sullivan | AFFECT Public Relations & Social Media | +1-212-398-9680, nsullivan@affectstrategies.com

Categories
Business Regulations & Security Technology

VRM Investor Alert: Bronstein, Gewirtz & Grossman, LLC reminds Vroom, Inc. shareholders of class action and encourages investors to contact the firm

NEW YORK — (BUSINESS WIRE) — Attorney Advertising–Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Vroom, Inc. (“Vroom” or “the Company”) (NASDAQ: VRM) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Root securities between June 9, 2020 and March 3, 2021, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/vrm.

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.

The complaint alleges that throughout the Class Period, Defandants made materially false and/or misleading statements and failed to disclose that: (1) Vroom had not demonstrated that it was able to control and scale growth in respect to its salesforce to meet the demand for its products; (2) as a result, the Company was forced to discount aged inventory to move through its retail channels or liquidated in its wholesale channels; (3) as a result, the ecommerce gross profit per unit was reasonably likely to decline; and (4) consequently, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/vrm or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Vroom you have until May 21, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

Bronstein, Gewirtz & Grossman, LLC

Peretz Bronstein or Yael Hurwitz

212-697-6484 | info@bgandg.com

Categories
Regulations & Security Technology

UAVS upcoming deadline: Bronstein, Gewirtz & Grossman, LLC reminds AgEagle Aerial Systems, Inc. investors of class action and lead plaintiff deadline: April 27, 2021

NEW YORK — (BUSINESS WIRE) — Attorney Advertising–Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against AgEagle Aerial Systems, Inc. (“AgEagle” or “the Company”) (NYSE: UAVS) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired AgEagle securities between September 3, 2019 and February 18, 2021, both dates inclusive (the “Class Period). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/uavs.

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and specifically that: (1) AgEagle did not have a partnership with Amazon, and had never had a business relationship with the e-commerce giant of any sort; (2) the Company actively contributed to the rumor that it held a partnership with Amazon; (3) based on these facts, the Company’s public statements were false and materially misleading throughout the class period; and (4) when the market learned the truth about AgEagle, investors suffered damages.

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/uavs or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in AgEagle you have until April 27, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

Bronstein, Gewirtz & Grossman, LLC

Peretz Bronstein or Yael Hurwitz

212-697-6484 | info@bgandg.com