CIBC Innovation Banking has provided a £10.5 million financing package to Australian cloud-based construction software company Payapps to facilitate its acquisition of UK-based construction software WebContractor.
WebContractor provides the management of subcontractor payment applications to businesses in the UK and Irish construction sector. The deal will see Payapps extend its client base as it expands throughout the Isles. It currently has more than 40,000 customers worldwide.
“This is a significant milestone for Payapps as we join forces with WebContractor. By combining the strengths of these two existing technologies, we will optimise business processes and continue to disrupt the field of construction payment processing technology,” says Geoff Tarrant, Chairman and co-founder of Payapps.
Lead image: via Unsplash. Photo: EJ Yao.