ARES PRISM, the SaaS company that develops industry-leading project controls software solutions which enable owners and EPCs to build mega-construction projects with greater precision and speed, announced it has secured an investment from M33 Growth, a Boston-based growth equity firm.
With the acquisition, ARES PRISM Founder Richard J. Stuart is retiring after a long and distinguished career in capital project management services.
New ownership for a company with deep roots in engineering and project management
ARES PRISM was born out of necessity more than 25 years ago, when ARES Corporation—a California-based engineering, risk and project management services provider—found that the cost management tools available in the market did not meet the company’s demanding needs. ARES Corporation developed the first version of ARES PRISM software in 1994, and one year later made the software available commercially in order to address the most complex construction project challenges.
ARES PRISM spun off from ARES Corporation in 2012 and was established as a separate entity to provide more focused and dedicated support. Its client list has grown to span the engineering and construction, infrastructure, oil and gas, mining, energy, and utilities industries.
A forecast for opportunity and continued customer satisfaction
“Stakeholders in large construction and engineering projects are more sophisticated than ever before and are eager to adopt innovative technologies,” said Mike Anello, Co-Founder of M33 Growth. “In particular, project cost controls software provides mission-critical solutions to increase project performance visibility and prevent cost overruns, while enabling enterprises to more effectively manage project timelines. We see tremendous long-term opportunity for ARES PRISM to enable enterprises to reduce project costs and risk through improved visibility and workflows.
“ARES PRISM has built an exceptional brand and platform by leveraging its strong domain expertise and focus on customer satisfaction,” continued Anello. “We’re excited to partner with ARES PRISM to support the company’s continued development of leading project management software solutions for global organizations in capital-intensive industries.”
Investment to fuel continued growth and development
M33 Growth partners with founders and CEOs to help organizations break through as industry leaders. The investment will accelerate product development for ARES PRISM and help scale the organization to a new level of growth.
As part of the M33 Growth portfolio, ARES PRISM will continue to enhance its value proposition and product while living up to its reputation as a leading, customer-centric software provider with exceptional domain expertise.
About M33 Growth
M33 Growth is a venture and growth-stage investment firm that partners with founders and CEOs who have successfully bootstrapped their companies to strong growth and are positioned to rapidly scale their companies and breakthrough as market leaders. With deep experience fueling sales and marketing engines, driving acquisitions, and building value through data assets, M33 Growth seeks to propel portfolio companies to succeed in their markets. Founded by veterans of renowned investment firms with considerable operational experience, the Boston-based firm seeks to invest in companies in the software, healthcare, and services sectors throughout North America. Learn more at m33growth.com