Oregon firm acquires King of Prussia-based Maxwell Systems from LLR Partners; some job losses expected
Tom Paine
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King of Prussia-based construction software firm Maxwell Systems has been acquired by Portland, Oregon-based Viewpoint Construction Software. Terms haven't been disclosed, but Viewpoint said in a release on Friday that the Maxwell acquisition would add some 200 employees to its workforce, bringing the total to about 700.
Some Maxwell employees will lose their jobs, the Portland Oregonian reports Viewpoint as saying, although it declined to say how many. The Maxwell office in King of Prussia will be retained.
Viewpoint has grown steadily through acquisition, and its 2012 revenue was reported to be $59.2 million. The company received a $76 million investment from PE firm TA Associates in 2012 and may be looking towards an IPO, the Oregonian reports.
Viewpoint serves larger contractors, and Maxwell generally serves smaller ones. My sense was that Maxwell was set back by the recession. Maxwell, founded in 1975, was acquired by Philadelphia-based LLR Partners in 2006. Its current revenue was not disclosed.
