Feeling the pressure of 9 straight quarters with a decline in total revenue, Caterpillar has acquired the equipment sharing startup, Yard Club, to get help dig themselves out of the dirt. Their most recent quarter was the company’s first positive revenue quarter since November of 2012.
Yard Club is one of a few companies that have taken advantage of the rise of the “sharing economy,” allowing users to rent their idle heavy construction equipment to other peers. It’s truly a great concept, equipment is extremely expensive and any idle time greatly impacts the return on investment. Using web and mobile apps, the system gives companies an easy way to monetize and manage their fleet of equipment. For renters, it gives them more availability and competitive pricing for the equipment they need in a hurry.
Back in 2015, Caterpillar strategically financed Yard Club, for an undisclosed amount. The equipment giant needed only 2 short years for proof of concept before diving in head first. Caterpillar will now be able to profit off of one of the concepts that has led to a decline in new equipment sales in the past few years and it’s a step in the right direction in terms of technological advancement. According to Yard Club’s website, they helped manage over $120 million worth of equipment transactions across 2,500 construction professionals in 2016.
Full Story: Caterpillar acquired Yard Club, a marketplace for construction equipment | Tech Crunch
Last summer, Hilti announced that they had developed their first exoskeleton designed for construction tradespeople in a partnership with Ottobuck, a prosthetics, orthotics, and exoskeleton provider. Earlier this month, Hilti officially released the exoskeleton, announced more details, and published its retail price on their website.
Cat Phones is known to make some pretty rugged smartphones, the kind of phone you don’t have to worry about on the jobsite – even without a case. Licensed by the construction equipment giant, Caterpillar, the phones are made by the UK-based Bullitt Group. The company recently announced the release of their new flagship smartphone model, the CAT S62 Pro.
The construction technology world has been no stranger to acquisitions and mergers in recent years, as many larger players are gobbling up startups and other specialty software to quickly grow their offerings and expand their value to their customers. The latest acquisition comes from a somewhat surprising source, however, as Stanley Black & Decker, the power tool and storage company, has acquired Buildup, a task management, punch list, and inspection software company.
Father’s Day 2021 is June 20, so you better get started on gift ideas if you want to impress dad this year. Whether your father is contractor, handyman, or DIYer, we’ve got a lot of great ideas for him this year.
For more more gift ideas, be sure to check out our past Father's Day Gift Guides from 2016, 2017, 2018, and 2019 or our Ultimate Construction Holiday Gift Guides from 2015, 2016, 2017, 2018, 2019, and 2020
Procore, the construction management software company, has been rumored to be interested in filing for an IPO since at least 2019. In the Spring of 2020, Procore ended up delaying its plans to go public after it received $150million in funding and a valuation of around $5 million, citing interest in raising more money amidst an uncertain economy during the heart of the coronavirus pandemic.
It’s that time again to begin Construction Junkie’s annual search for the best construction podcast! Now in our 7th year of the competition, we’re noticing a considerable increase in construction-related podcasts from every sector.
While still new in the construction industries, robots are typically designed to perform a specific task in a highly precise and efficient way, like the rebar tying robot, Tybot or the brick-laying robot Hadrian X. More recently, though, robots are being imagined as platforms for 3rd party companies to develop hardware and accessories to attach to the base robot, like the Boston Dynamics robotic dog, Spot. I recently came across a new robot, called Baubot, which hopes to one day perform tasks using every tool on a typical jobsite.
Autodesk announced the impending release of 3 new products, combining the best of all of their existing products and adding new features, at last year’s virtual Autodesk University. Those products (Build, Takeoff, and BIM Collaborate) are now fully available on a global scale, with Takeoff being the most recent release.
Last summer, we learned that Travelers Insurance believed that using Procore as a project management tool helped contractors reduce risk on their projects so much that they were willing to help pay for them to join the platform. That deal was previously limited to customers in 10 US states, but Travelers and Procore have collaborated to further expand that program.
In the midst of fierce discourse over the bipartisan infrastructure bill lies a unique opportunity for the United States.