Clearlake to make significant new equity investment, joining existing investor Symphony Technology Group, to support accelerated growth of the category’s largest independent data platform
Dodge Construction Network, the largest independent data platform supporting the multi-trillion-dollar U.S. commercial construction industry, announced that Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake“) will make a significant new equity investment to position Dodge to execute and accelerate its strategic growth plan. With this growth investment, Clearlake becomes an equal partner with existing DCN investor Symphony Technology Group (“STG”). Terms of the transaction were not disclosed.
Headquartered in Hamilton, NJ, DCN has successfully served the commercial construction industry for over 100 years by providing subscription-based data, insights, market intelligence, discovery and networking through an industry-leading proprietary database of projects, contacts, firms and products. DCN’s product suite delivers commercial construction professionals with the fundamental leads, insights and connections needed to fuel their growth activities. DCN serves the category through two primary product families: Dodge Data & Analytics and The Blue Book Network (“Blue Book”). Today, DCN has 10 billion+ unique and proprietary data elements, 60 million+ annual messages supporting bidding opportunities, over 1.2 million page views per month, over 1 million registered users, over 400,000 unique monthly users and approximately 40,000 customers.
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“As a clear leader in the category, DCN is well positioned to leverage its unmatched proprietary technology, analytics and data capabilities to lead accelerated adoption as the industry undergoes a significant digital transformation over the coming decades,” said Behdad Eghbali, Co-Founder & Managing Partner, and James Pade, Partner & Managing Director, of Clearlake. “We are thrilled to be partnering with DCN’s CEO Dan McCarthy and the entire leadership team to build on the Company’s compelling recent momentum. We also believe we can help accelerate the Company’s growth trajectory through our deep experience investing in technology, software and data platforms, our long track record investing in building products, and our proprietary O.P.S.® value creation framework.”
“Since partnering with DCN’s CEO Dan McCarthy just 18 months ago, the Company has completed and integrated the transformative acquisition of Blue Book, begun to accelerate its growth and proven its ability to innovate and provide the sector with differentiated, proprietary subscription data solutions that resonate with customers across the country,” said William Chisholm, Managing Partner, and Adam Hendricks, Principal, of STG. “It has been a pleasure to support Dan and his team, and we look forward to continuing our collective success through this partnership with Clearlake.”
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“Our team looks forward to partnering with Clearlake and STG, and we’re excited at what both of these formidable investors can bring to the Company to help us achieve our objectives,” said Mr. McCarthy. “Clearlake and STG have deep technology expertise with proven track records of enhancing value for their portfolio companies, and their continued investment in DCN validates our compelling organic and M&A driven growth plans.”
Deutsche Bank Securities Inc., UBS Investment Bank, Wells Fargo, BMO Capital Markets and Security Benefit provided debt financing supporting the transaction.
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