Developer Improves Transparency and Reduces Risk with Construction Payment Management Solution
CHICAGO, Oct. 28, 2013 /CNW/ - Textura® Corporation (NYSE: TXTR), the leading provider of collaboration solutions for the construction industry, announced that Fifield Companies, an industry leading developer of luxury high-rise apartment complexes and office buildings, selected Textura—CPM Enterprise to automate the construction billing process nationwide.
"Textura—CPM Enterprise gives us an enhanced level of visibility into the construction payment process," said Michael Doyle, CPA, CFO of Fifield Companies. "Using Textura, we are able to bring transparency to the draw process, which has helped us standardize that process across all of our development projects. We are also able to expedite payments and automate processes that we had been previously performing manually."
Textura—CPM™ reduces the stacks of paper associated with a construction project by placing processes online. Powered by a powerful workflow engine, CPM integrates billing, lien waiver collection, compliance management and payments into a seamless flow, eliminating wasteful steps and improving efficiency.
"We now have a single solution to offer our contractors and vendors to facilitate the payment process," said Doyle. "All of the information is stored in a centralized database, so it's much easier to share, store and analyze information in multiple offices. Textura allows our staff to spend time on more business valuable tasks rather than hunting down paper invoices."
An urban infill developer and acquirer of mid and high-rise apartments and offices, Fifield has a history stretching back to 1974. Fifield blends acquisition, finance and development expertise with an adaptive property marketing capability able to lease or sell properties to create a one-stop solution for its acquisitions.
"Textura—CPM Enterprise solution allows developers like Fifield to provide greater visibility and control over the billing and payment processes resulting in lower costs and a scalable solution," said Patrick Allin, Chairman And Chief Executive Officer, Textura Corporation. "Our collaboration solutions will support Fifield's continued growth and we are proud to have them as a client."
About Fifield Companies
Over their long history, Fifield has developed deep alliances with competitive third-party service providers that include property managers, general contractors, architecture and design firms, engineers and consultants, marketing, auction and sales firms, attorneys and litigation specialists and financial intermediaries. Fifield leverages relationships on a daily basis to provide efficient and reliable results.
Fifield's experience in local markets accompanied by the depth of its strategic relationships allows them to evaluate and select the best-of-market property management firms in each submarket.
Fifield is known for forward thinking, smart developments with a keen eye towards aesthetics, cost and design efficiency. Fifield's team of seasoned principals has unmatched experience and commitment at all levels of a project. This commitment has been the cornerstone of Fifield's operations for years. Fifield continues to leverage these capabilities into this uncertain future. For more information, please visit www.fifieldco.com
Textura is the leading provider of collaboration and productivity tools for the construction industry. Our solutions serve all construction industry professionals across the project lifecycle – from design and pre-qualification to bid management, submittals and payment.
Textura's collaboration platform and online product suite represent the first time the industry has all the tools needed to manage their business in an integrated fashion to save time and money and reduce exposure to risks. With award winning technology, world-class customer support and consistent growth, Textura is leading the construction industry's technology transformation. www.texturacorp.com
SOURCE: Textura Corporation
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