CHICAGO, Aug. 21, 2012 /PRNewswire/ -- Textura Corporation, the leading provider of collaboration solutions for the construction industry, announced that Torcon's recent award of a project for the University of Pennsylvania represents the 10,000th project managed on Textura—Construction Payment Management (CPM). Torcon is a relatively new Textura client, implementing CPM only six months ago; yet this latest project represents their ninth to use CPM for invoicing, lien waiver collection, compliance and payment. Torcon's rapid implementation is indicative of many CPM clients as it expedites the efficiency gains and hard-dollar savings that are realized through the use of Textura-CPM.
Phil Fischer, Torcon CFO said, "We were attracted to CPM for its ability to more efficiently manage our subcontractor/payment process. Although we are relatively new users to the CPM application, we have experienced enhancements in our ability to collect and track all lien waivers thereby augmenting the timeliness of payments to our subcontractors. Furthermore, through the synergy of Textura's CPM applications with our CMiC financial platform, we are able to interface the direct posting and payments of subcontractor invoices to our internal books and records thus relieving us of the manual entry process."
Mr. Fischer adds, "We are thrilled that our project has helped Textura reach this significant milestone, and we look forward to achieving success alongside Textura in the years to come."
CPM has now managed over $100 billion in construction projects with over $50 billion currently on system. This represents a total of 10,000 projects across Canada and the US. CPM is processing over $2 billion per month in payments for 100,000 users at 50,000 organizations. Textura—CPM grew 100 percent again in 2011 and is on pace to grow 100 percent in 2012.
"From the start our focus has been delivering innovative solutions that solve real needs for the construction industry," said Patrick Allin, Textura Chairman and CEO. "To see clients embracing CPM and our other applications is very satisfying. It means we are delivering solutions that provide genuine value. The acquisitions of GradeBeam, Submittal Exchange and Greengrade last Fall accelerate our plan to offer clients an integrated suite of applications for all their collaboration needs on construction projects."
Textura—CPM is used by over 35 percent of the ENR Top 100 general contractors and over 30 percent of the ENR 400 general contractors. Nearly 2,000,000 legal documents have been created. Strong market adoption indicates that Textura—CPM delivers value to all construction project participants.
Torcon provides construction management and general contracting services to leading corporations and private institutions. The company was founded in 1965, and today Torcon is one of the most active construction management firms in the Mid-Atlantic states, as well as one of Puerto Rico's leading pharmaceutical specialists.
Torcon is ranked among the nation's 40 largest at-risk CMs according to ENR, the industry's leading publication. Torcon is repeatedly selected by its clients for the largest and most challenging projects, and has a record of more than $4 billion of construction in the past decade.
Torcon's areas of specialization also include: Biotech & Pharmaceutical Plants, Healthcare Facilities, Academic Buildings, Retail & Commercial Centers, Office Facilities, and Airport Facilities.
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, pre-qualification and bid management to submittals, invoicing and LEED® management – on a single, integrated platform.
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