Large General Contractor Sees Process Efficiencies, Compliance Benefits from Textura's Online Collaboration Technology
CHICAGO, Sept. 1, 2015 /CNW/ -- Textura® Corporation (NYSE: TXTR), a leading provider of collaboration solutions for the construction industry, announced that full-service general contractor Yates Construction has selected Textura's Construction Payment Management™ (CPM®) solution to drive efficiencies in the company's subcontractor payment and compliance processes.
Philadelphia, Miss.-based Yates Construction's portfolio of projects spans multiple sectors from entertainment and gaming to manufacturing and retail. Its parent, The Yates Companies, Inc., recently ranked No. 25 on Engineering News-Record's 2015 "ENR 400" list of the largest general contractors, based on total revenues of $2.42 billion in 2014.
"We saw in Textura-CPM a great opportunity to significantly improve our subcontractor payment process, including gaining efficiencies and enhancing our compliance management activities," said Brandon Dunn, Chief Financial Officer at Yates Construction.
A web-based, Software-as-a-Service (SaaS) offering, Textura-CPM™ electronically integrates all construction payment management processes — including billing, lien waiver collection, progress claims, statutory declarations, sub-tier waivers, compliance management and electronic payments — into a seamless online workflow that facilitates collaboration across project participants.
Yates Construction is using CPM to improve the speed and accuracy of its pay application collection process, automating and streamlining what have historically been labor-intensive, manual activities. In addition, CPM's integration with the general contractor's enterprise resource planning (ERP) solution creates further efficiencies by enabling a seamless flow of payment data between Yates Construction's financial systems.
CPM also gives subcontractors greater visibility into their compliance status, helping to resolve any issues much more quickly and easily, Dunn said. And Textura's payment management solution enables Yates Construction to improve tracking and collection of lien waivers, including sub-tier waivers, he noted.
"We are thrilled to welcome Yates Construction to the growing number of leading general contractors that have selected Textura-CPM to transform their payment processes," said Mike Antis, Executive Vice President of Client Services, Textura Corporation. "We look forward to a lasting partnership that yields benefits for Yates Construction, as well as its clients and subcontractors, across its growing portfolio of projects."
About Yates Construction
W. G. Yates & Sons Construction Company, incorporated in 1964, is one of the nation's largest privately held construction companies providing general construction, at-risk construction management, design-build, preconstruction and specialized turnkey services from multiple locations throughout North America. www.wgyates.com
Textura is a leading provider of collaboration and productivity tools for the construction industry. Our solutions serve all construction industry professionals across the project lifecycle – from takeoff, estimating, design, pre-qualification and bid management to submittals, field management, performance management, LEED management and payment. With award-winning technology, world-class customer support and consistent growth, Textura is leading the construction industry's technology transformation. www.texturacorp.com
Emily Ries, Textura Marketing
Annie Leschin, StreetSmart IR
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SOURCE Textura Corporation