Contruent Launches New SaaS Solution and Doubles Annual Recurring Revenue
NAPERVILLE, IL: Contruent, 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, today announced it achieved a record-breaking year in 2023, growing sales by nearly 40%.
Since receiving a strategic investment in 2021 from M33 Growth, a Boston-based growth equity firm, Contruent has doubled its Annual Recurring Revenue, added over 50 talented team members, and launched an innovative SaaS offering. These achievements underscore the significant product investment made in the last twelve months, including the launch of Contruent Enterprise, its innovative new SaaS solution for customers, and the overwhelming customer adoption and validation.
“Across the organization, we are working to solidify our position as the go-to cost management solution for megaprojects worldwide that is faster to deliver,” said Contruent CEO Ryan Kubacki. “Our record-breaking year is a reflection of the incredible work of our talented team, innovative customers, and supportive investment partnership with M33 Growth.”
Contruent has what many consider to be the deepest team of project control experts in the world and has continued to attract top talent from industry leading companies. Key additions include Rich Humphrey, Chief Product Officer and former product lead at Bentley Systems; Kurt Kauper, Chief Revenue Officer and former sales leader for Construction and Engineering at Oracle; Meghan Russell, Chief Growth Officer and former product and marketing lead at Google; Andy Verone, Chief Strategy Officer and former Global VP at Oracle, where he co-founded Oracle’s Vertical Industry Labs and led a team of 1,400+; David Lerch, SVP Services, and former executive at Flexera and Accenture; Mike Abramo, Chief Financial Officer, five time SaaS CFO and former Chief Administrator of MBTA where he ran a $3 billion budget; and Peter Piela, SVP Engineering, an expert in SaaS transformation.
“Our goal at M33 is to help great businesses accelerate even further. Contruent is off to a fast start,” said Mike Anello, Co-Founder and Managing Director of M33 Growth. “The entire organization has shown a commitment to innovation and delivering for customers. Their remarkable year is a testament to that, and knowing Ryan and team, they are just getting started.”
To top off the year’s successes, Contruent received several industry-wide recognitions, including being named Megaproject of the Year Finalist by Project Controls Expo UK for its work on The Ellinikon, Technical Innovation of the Year Finalist by Project Controls Expo AUS, and Top Construction Technology Firm by Construction Executive.
About Contruent
Contruent is the premier capital project management software solution that empowers owners and EPCs to build large construction projects with precision and speed. Contruent is faster to deliver across the project lifecycle because it integrates cost and scheduling and comes project-ready out-of-the-box with 25 years of best practices built in. The result is higher accuracy, speed, and cost efficiency. Founded in 1994 as ARES PRISM and renamed with the launch of an innovative SaaS platform, Contruent operates in 26 countries and is now headquartered in Naperville, IL. Join the movement of meeting on-time and on-budget expectations by visiting www.contruent.com