Largest U.S. general builder drives efficiency through expanded implementation of Textura payment solution
NEW YORK and CHICAGO, Sept. 23, 2014 /PRNewswire/ -- Turner Construction Company and Textura Corporation (NYSE: TXTR) announced today that in the fourth quarter of 2014, Turner will begin rolling out Textura's Construction Payment Management™ (CPM) solution company-wide to make the payment management process more efficient for Turner, its contractors and clients.
Turner, the largest general builder in the United States, will complete more than $10 billion of construction volume this year on projects that have a total construction value in excess of $20 billion. Turner is achieving significant efficiencies on the projects which have already implemented Textura-CPM, and expects to roll out Textura-CPM across its portfolio. Contractors on these projects are benefiting from a simplified invoicing process and access to real-time status of payments.
Textura, the leading provider of collaboration solutions for the construction industry, recently completed the integration of CPM and Turner's enterprise resource planning (ERP) software. This integration facilitates Turner's company-wide rollout and will result in improved efficiency in the flow of data related to contracts, change orders, invoices, compliance and contractor invoicing and payments.
"Turner's culture drives us to seek ways to optimize workflows to save time and money for our clients. Implementation of Textura-CPM company-wide supports our continuous improvement process," said Karen Gould, Chief Financial Officer of Turner. "Using Textura-CPM has helped increase efficiency in the contractor billing and payment process. Full implementation of Textura-CPM across our portfolio of work will further enhance the delivery of value-added services to our clients," added Gould.
Textura-CPM electronically integrates construction payment management process components including billing, lien waiver collection, sub-tiers waivers, compliance management and payments into one seamless workflow. The CPM solution, which integrates with numerous ERP systems, provides significant efficiency benefits from automation and streamlining, as well as risk reduction from improved control and visibility.
"After working with Turner for a number of months we are thrilled to be at this point in our relationship and to be working with the leading U.S. General Contractor," said Patrick Allin, Chairman and Chief Executive Officer, Textura Corporation. "We are delighted that Turner is experiencing increasing benefits as they use CPM on more and more projects. This validates a key CPM value proposition – namely, that CPM is highly scalable and that benefits grow with use. We share Turner's passion for creativity and are excited about what will be achieved through such a large-scale implementation."
About Turner Construction Company
Turner is a North America-based, international construction services company. Founded in 1902, Turner first made its mark on the industry pioneering the use of steel-reinforced concrete for general building, which enabled the company to deliver safer, stronger, and more efficient buildings to clients. The company continues to embrace emerging technologies and offers an increasingly diverse set of services. With an annual construction volume of $10 billion, Turner is the largest builder in the United States, ranking first in the major market segments of the building construction field, including healthcare, education, sports, commercial, and green building. The firm is a subsidiary of HOCHTIEF, one of the world's leading international construction service providers. For more information please visit http://www.turnerconstruction.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 takeoff, estimating, design, pre-qualification and bid management to submittals, field management, LEED® management and payment.
The Textura® 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
Lacey Faye Spang
Textura Corporation, Investor Relations
Textura Corporation, CPM Marketing
SOURCE Textura Corporation