IFM Investors’ private equity Growth Fund has acquired a majority stake in Render Networks (Render), a global provider of construction management Software as a Service (SaaS) solutions for builders and operators of telecommunications, energy, and utility networks.
The investment of approximately A$40m (£22.5m), including growth capital, was led by Adrian Kerley and Bora Han from IFM Investors.
Mr Kerley and IFM’s Head of Private Equity Stuart Wardman-Browne will join the Render Network Board as Non-Executive Directors.
With its US headquarters in Colorado and operations in North America, the United Kingdom, and Australia, Render utilises a geospatial construction platform to help build networks more efficiently.
The platform leverages advanced algorithms and machine learning capabilities to optimally design, plan, and track construction delivery across the project lifecycle, the company said.
The company was co-founded in 2013 by Dan Flemming, former head of construction at NBN Australia, and Joe Forbes of Biarri, a commercial mathematics incubator of B2B SaaS solutions.
Dan Flemming, Render Networks founder, said: “With unprecedented broadband investment and demand across the US, this transaction will fund a clear set of growth and innovation initiatives to enable our customers and the industry to deliver at the required velocity.
“We are thrilled to partner with IFM, a global leader in infrastructure and network investment, and further advance our position as a global industry leader in telco construction software.”
IFM sees further growth opportunities through expanding Render’s product offering and footprint into new regions and markets.
The investment is the second deal for IFM’s Growth Fund, which invests on behalf of institutional investors and targets investments in proven, high-growth companies, across the Australian technology, business services and healthcare sectors and supports them to scale rapidly.
Image credit: ImageFlow/Shutterstock
Read next: Dusty Robotics bags $45m to automate construction plans
Are you a building professional? Sign up for a FREE MEMBERSHIP to upload news stories, post job vacancies, and connect with colleagues on our secure social feed.
