Business Editors
NEW YORK--(BUSINESS WIRE)--May 1, 2000
Strategic Investment Joins Construction Industry Internet
Pioneer with the Leading Industry Content Provider
e-Builder, Inc., the pioneer and leading provider of Internet applications for the construction industry, announced today that it has secured investment capital and forged a strategic alliance with The McGraw-Hill Companies (NYSE: MHP), the world's premier information provider to the $1.7 trillion commercial construction industry. As part of the agreement the two companies will use construction.com, The McGraw Hill Companies' leading online construction marketplace, as a vehicle to deliver integrated online content, tools, and services never before available in the industry.
The funding will be used to bolster the company's marketing efforts, expand its sales force and broaden its research and product development. Additionally, resources will be dedicated to jointly develop content and services exclusive to e-Builder and The McGraw-Hill Companies.
"We've spent the past five years forging our reputation as an industry leader, and by pairing our robust e-Builder technology with McGraw-Hill's heritage, powerful brands, unparalleled content, and online community, we will solidify our reputation as the preeminent business-to-business information exchange for the construction industry," said Jonathan Antevy, CEO of e-Builder. "This partnership will greatly benefit the industry and streamline construction for entire production teams -- from owners to architects, to engineers, to contractors, to subcontractors. Entire teams now have the ability to manage complex construction processes using the power of the Web."
"After reviewing the needs of our customers, we elected to invest in e-Builder based on the company's strong understanding of the industry, the easy-to-use nature of the e-Builder offering and the strength of the management team. The decision was also made after an exhaustive examination of many potential partners. We clearly believe that e-Builder is the best possible choice for our customers," said Norbert Young, president, The McGraw-Hill Companies Construction Information Group. "Additionally, this investment
represents a major milestone in our strategy for construction.com to be the single point of contact for construction professionals to do business with each other, from project identification, to project collaboration, to project bidding and procurement."
e-Builder provides a suite of businesses-to-business tools that dramatically enhances the exchange of information among construction project participants. Its project collaboration tool is designed to meet the needs of architecture, engineering and construction firms with projects valued over $1M, and is a complete turnkey solution that eliminates the need for expensive resources usually required in operating network-based applications. e-Builder also produces significant cost savings as compared to traditional project management approaches.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies is a global information services provider serving the financial services, education and business information markets through leading brands such as Standard & Poor's, Business Week and the McGraw-Hill educational imprint. The corporation has more than 400 offices in 32 countries. Sales in 1999 were $4.0 billion.
About construction.com
Construction.com is the industry marketplace that enables construction professionals to do their job faster, better and cheaper. Building on The McGraw-Hill Companies' heritage as the world's premier information provider to the $1.7 trillion commercial construction industry, construction.com uses the Internet platform to deliver industry intelligence and interactive solutions that help professional decision-makers to be more successful on the job. By leveraging the powerful content of The McGraw-Hill Companies' leading editorial brands, including F.W. Dodge, Sweet's Group, Engineering News-Record, Architectural Record, and Design-Build, construction.com integrates unmatched market intelligence, unique project management tools, and end-to-end access to the construction community. Construction.com is also working with Bentley Systems, Incorporated, on extending the service in support of open standards such as aecXML, a component description language specifically designed to bolster unrestricted collaboration between professionals in the architecture, engineering and construction industries. With its headquarters in New York City, construction.com employs more than 2,000 professionals around the world.
About e-Builder
e-Builder, Inc., headquartered in Boca Raton, Florida, develops business-to-business Internet tools for the commercial construction industry. Its suite of products enable and enhance the exchange of information among construction industry participants and helps projects come in on time and on budget. e-Builder is the pioneer of Internet-based tools for construction and in 1995 was honored by Engineering News-Record, a respected publication of The McGraw-Hill Companies, as one of the Top 25 Newsmakers of the year. e-Builder is sold worldwide direct and through its preferred partner network. Customers include: America Online, The Beck Group, Beers Construction, Columbia/HCA, HOK Architects, Lucent Technologies, NBBJ Sports Architects, Skanska USA, Swinerton & Walburg, Tishman Construction and more. For more information on e-Builder, visit the company's web site at www.e-builder.net. For sales information, call 1-800-580-9322 or e-mail info@e-builder.net.
Visit www.e-Builder.net for more information or contact:
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