Graycor Construction Company Adopts Textura-CPM Illinois Based General Contractor Drives Efficiency with Leading Construction Payment Management Solution.
CHICAGO, Aug. 14, 2014 /PRNewswire/ -- Textura Corporation (NYSE: TXTR), the leading provider of collaboration solutions for the construction industry, announced that Graycor Construction Company Inc., a General Contractor based in Illinois that serves corporate, cultural/educational, entertainment, healthcare, living & lodging, logistics & distribution, manufacturing and retail clients, has selected Textura-CPM™ to make the payment management process more efficient.
"Before we started using Textura, we were performing a lot of the payment processes manually," said David Wing, President, Graycor Construction. "That approach wasn't particularly efficient. We understood that we needed to standardize the billing process across the company, remove any clerical errors from the payment application process and also have a way for our Subcontractors to have more visibility into their compliance and payment status. Textura-CPM gave us the ability to meet all of those requirements."
A web-based, Software-as-a-Service (SaaS), Textura-CPM electronically integrates all construction payment management processes, including billing, lien waiver collection, progress claims, statutory declarations, sub-tier waivers, compliance management and payments into a seamless workflow. Graycor Construction can use CPM™ to initiate the monthly draw, review the AIA 702/703's or custom documents as well as the completed and signed lien waiver releases, all online.
"We recently on-boarded our 40th project using Textura-CPM," said Wing. "The solution allows us to pay our Subcontractors faster, which has strengthened our relationships with our Subcontractor community. We have more visibility into the payment process and more confidence that the financial documents are intact." Graycor Construction is part of the Graycor Companies, which provides industrial and commercial construction services as well as industrial maintenance technologies throughout North America. Established in 1921, Graycor functions under four major operating units - Graycor Industrial Constructors Inc., Graycor Construction Company Inc., Graycor Blasting Company Inc., and Graycor International.
"Having a company with the reputation and stature of Graycor Construction join our growing community of users is a testament to the power of our collaboration solutions," said Patrick Allin, Chairman and Chief Executive Officer, Textura Corporation. "With more than 300 General Contractors and 7,666 active projects currently managed on Textura-CPM, it is the solution for those companies who want to increase efficiency and enhance productivity."
Graycor Construction Company Inc. is a leader in managing building construction and interiors projects throughout North America. Graycor Construction Company Inc. serves clients in the corporate, cultural/educational, healthcare, living & lodging, logistics & distribution, manufacturing and retail markets. To learn more about Graycor Construction Company, visit www.graycor.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