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News and Information Article
Louisiana Ventures, LP and Rincon Venture Partners Invest in Los
Angeles-based Architectural Services Firm in Series B Round
LOS ANGELES, Dec. 1 // -- CADFORCE, the Los Angeles-based
global leader in outsourced architectural services, today announced that it
has raised $3.1 million in a Series B funding round. Louisiana Ventures,
LP, of Bossier City, Louisiana led the round with a $1.5 million
investment. This follows Rincon Venture Partners August 2005 Series A,
bringing the total capital investment in CADFORCE to just under $5 million.
Rincon and the Tech Coast Angels also participated in the Series B. In
addition, CADFORCEs Board of Directors has chosen to keep the Series B
round open for additional investment of $1.4 million.
The financing will be primarily used to sustain the growth of systems,
personnel, and infrastructure in CADFORCEs Los Angeles headquarters and
three facilities in India. CADFORCE currently has 45 employees in the
United States and approximately 150 in Kolkata and Hyderabad, India. The
number of employees in the United States is projected to increase to 100 by
the end of 2007, as CADFORCE expands to new domestic markets.
Joining CADFORCEs Board of Directors from the new investor group will
be Ross Barrett, Managing Partner of Louisiana Ventures and John Klein,
Chairman of the Board of Directors of Cognizant Technology Solutions Corp
(Nasdaq: CTSH).
"Our decision to invest in CADFORCE was a particularly strategic one,
given that the largest domestic reconstruction project in American history
is currently taking place on Gulf Coast soil," said Ross Barrett, Managing
Partner of Louisiana Ventures. "CADFORCEs high quality services, top-level
management team, and unique blendshore business model position it to be
the premier provider of round-the-clock architectural services for New
Orleans rebuilding efforts."
Barretts sentiment is shared by other investors:
"CADFORCE offers a client-focused approach that combines the innovative
thinking of American architects with significant cost savings derived from
the capabilities of its offshore drafting facilities," said John Klein.
"This model is similar to many other companies in which I have been
involved, and when combined with high quality it has proven to be a winning
strategy. I predict great things for CADFORCE, because it has successfully
laid the groundwork for the creation of a new, multi-billion dollar
market."
Jim Andelman, General Partner of Rincon Venture Partners, concurs.
"Were proud to invest in CADFORCE," he said. "The company has emerged as
the clear industry leader due to a first-class management team that is
adept at strategic and aggressive expansion, accentuates customer service,
and knows how to attract the best and brightest minds from all fields.
Were looking forward to a long and productive relationship with CADFORCE."
"With our recent infusion of capital, we are now poised to dominate a
multi-billion dollar industry that is undergoing a global transformation,"
said Bob Vanech, Chairman and Chief Executive Officer of CADFORCE. "The
demand we are currently experiencing has surpassed all of our projections,
as architects are coming to us from every corner of the US."
About CADFORCE
CADFORCE is the global leader in outsourced architectural services.
CADFORCE uses a unique, client-driven blendshore project delivery approach,
with drafting facilities in India collaborating with a US-based
architectural team. Now in its fourth year of operation, CADFORCE provides
exceptional construction document production and cutting-edge CAD and BIM
support services for architects and homebuilders nationwide. In an industry
known for razor-thin margins, CADFORCE saves architects and homebuilders as
much as 75% of their production costs on construction documents and other
CAD work.
CADFORCE has over 350 customers in over 30 states, including the
majority of publicly-traded homebuilders and architects of all sizes.
CADFORCE specializes in production of construction documents in Autodesks
family of CAD software including Architectural Desktop, AutoCAD and Revit,
and also supports other software platforms.
In addition to its headquarters in Los Angeles and three facilities in
India, CADFORCE operates regional sales offices in New York; Chicago;
Boston; Portland; San Francisco; Miami; Denver; Atlanta; Dallas; Houston;
Washington, DC; Wisconsin and Virginia. CADFORCE expects to continue
growing its national presence and expanding its offshore facilities within
the next year.
For more information visit http://www.cadforce.com or call (310) 437-6300.
This release was issued on behalf of the above organization by
Send2Press(R), a unit of Neotrope(R). http://www.Send2Press.com
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