Digital transformation is reshaping most sectors. Data is one of the several technologies that corporations have been adding as part of their digital strategies. The construction industry is no exception to this shift, and private equity firms are taking note.
On Wednesday, Clearlake invested in Dodge Construction Network. The latter offers subscription-based data, insights and market intelligence through a proprietary database of projects, contacts, firms and products for the commercial construction sector.
“DCN is well positioned to leverage its unmatched proprietary technology, analytics and data capabilities to lead accelerated adoption as the industry undergoes a significant digital transformation over the coming decades,” said Behdad Eghbali, co-founder and managing partner, and James Pade, partner and managing director of Clearlake.
These days data information is important everywhere no matter where you look or what business you are in. Companies need data that can predict future models to help them make better decisions.
Data is beneficial in many ways. For the construction industry, it makes it more efficient for firms to manage projects by tracking progress in real-time, and save on labor costs, particularly during a time when labor is scarce.
Businesses like efficiency and saving money, and good data offers that. This is all sounds good to PE.
– Demitri Diakantonis