Seattle-based Dexter & Chaney, a 34-year-old maker of software for construction contractors, said that it has taken a private equity investment from Pamlico Capital. Exact terms were not disclosed, but Pamlico typically makes investments of up to $100 million and Dexter & Chaney president Norbert Orth said it is one of the largest private equity deals in the tech space in recent years, rivaling those made into PayScale and Avalara.
“This investment by Pamlico will allow us to put more dollars to work in our growth initiatives, including broadening our product capabilities, deepening integration functionality, and maintaining high-touch customer support,” said Orth in a press release. “They are committed to partnering with us as we continue to lead the marketplace in delivering a fully integrated suite of cloud-based solutions to address contractors’ needs throughout the construction lifecycle.”
It marks the first equity investor in Dexter & Chaney, which sells its software to construction firms of all sizes. The company employs 100, and counts more than 1,000 contractors as customers. Pamlico’s investment gives the firm a majority stake in the company.