QuestCDN, a Subsidiary of Byggfakta Group, Strengthens Its Offering in the US
CHICAGO, April 7, 2023 (Newswire.com) - Through its subsidiary QuestCDN, Byggfakta Group has acquired all shares in the American company Pantera Global Technology, Inc. (Pantera). Pantera's offering focuses on procurements in the commercial construction sector. The majority of its revenue derives from SaaS-based platform tools that include an Invitation to Bid (ITB) service and a subcontractor qualification service.
Pantera has operations in all of the US, primarily offering its customers two different SaaS-based tools. Since 2010, they have provided a service for general contractors to identify and invite the best and more relevant subcontractors for a specific construction project. During the procurement, the customer and supplier also manage large portions of their communication about project details through the platform, which significantly streamlines the procurement process. Pantera's own database of subcontractors within the US construction sector currently consists of over 1.1 million companies.
Pantera also offers an automated web-based service aimed at customers to help them verify their subcontractors. The service can, for example, quality assure and verify specific subcontractors' insurance, licenses and references.
"Pantera's offering in the US is an excellent complement to our existing e-Bidding offering. Their services create a fantastic opportunity for customers and suppliers to connect at an early stage and collaborate during the tendering process. Moreover, it gives us an even better insight into ongoing projects in the US market, which also strengthens our project information offering. Future potential for this type of service in the US market is also huge, not least due to the continued digitalization of the sector," says Damian Eastman, CEO of USA Byggfakta Group.
In 2022, Pantera had sales of approximately $1.8 million dollars with a strong EBITDA margin. Over 80% of the company's total revenue comprises subscription revenue.
Consolidation of Pantera's operations into Byggfakta Group is scheduled for April 2023. The acquisition is expected to have a marginal impact on Byggfakta Group's earnings per share in 2023.
QuestCDN, established in 1999, was acquired by BuildCentral, a part of BCI Central and the Byggfakta Group, on September 9, 2022. QuestCDN provides SaaS-based bid management systems for public construction, RFPs, in addition to general goods and services procurement to maximize efficiency and communication. The QuestCDN application is designed to digitize, automate, and effectively serve as the information channel between the owner and the entire bidding community.