ToolWatch, a Denver-based provider of construction operations solutions connecting the field, warehouse, and back office, announced on Tuesday the acquisition of busybusy, developer of the popular time-tracking software for construction and other remote industries.
In a Dec. 5 news release, ToolWatch said the move would help achieve the company’s goal to become a go-to operations platform for firms within the construction industry by offering accurate, timely snapshots of critical cost drivers like labor, equipment, tools, and consumables.
"At ToolWatch, our mission is to create powerful tools that help contractors better understand and navigate an increasingly complex business landscape," said Jay Martin, ToolWatch CEO. "busybusy's record of innovation in time tracking for field-based workers is an ideal complement to the ToolWatch suite of construction operations solutions.”
Founded in 2010, busybusy's GPS time tracking and jobsite monitoring software has tracked nearly 58 million timecard hours at thousands of companies in more than 30 countries, ToolWatch said. busybusy serves customers in myriad construction fields, including general contractors, roofing, and remodeling, among a laundry list of others.
The company said its technology empowers field employees to track labor, materials, and heavy equipment from an easy-to-use mobile app that gives management real-time insights into field crew productivity, plus accurate data for improved job costing and estimating, payroll processing, and better decision-making.
"busybusy was founded to bring order to the inherently chaotic construction environment and to make projects run more smoothly by quickly delivering information to the people that need it," said busybusy CEO Isaac Barlow. "Combining with ToolWatch will give us the resources and support necessary to expand our product offering to cover critical capital and expense items, thereby boosting the value of our job cost and billing capabilities."
The synergies between companies were a driver in the acquisition, ToolWatch noted, as each shares a similar customer base and mission to increase contractors' productivity and efficiency.
The acquisition will add workforce management to the platform's existing construction operations and EHS capabilities while bringing ToolWatch's workplace safety and construction operations expertise to busybusy.
As part of the transition, ToolWatch said busybusy employees would join the ToolWatch organization, with Jay Martin serving as CEO of the combined entity. Private equity firm The Riverside Company is the majority investor in ToolWatch and provided additional capital to fund the move.
For more information, visit toolwatch.com.