Trimble has announced that it has acquired tech company Flashtract.
According to the company:
Trimble has acquired privately-held Flashtract, a company delivering specialized technology to streamline the flow of payment and compliance information between construction general contractors and subcontractors. Financial terms were not disclosed.
Flashtract technology is used to manage payment applications, lien waivers and other compliance and billing documentation electronically, eliminating back-and-forth communication and cumbersome document transfers.
“Secure, reliable and fast electronic management of payments and lien waivers can be vital benefits to contractors, but many still manage these processes manually,” said Lawrence Smith, vice president of construction management solutions at Trimble. “Adding the ability to manage these workflows with subs electronically through Trimble Pay helps contractors improve compliance and keep projects on schedule and budget by reducing the two to three days of manual work per month by project managers or accountants.”
The technology, now branded as Trimble Pay, initially integrates with the capabilities of the Trimble Viewpoint Vista ERP solution for construction and extends the robust connected construction technology ecosystem that Trimble Construction One brings to market.
The technology will be showcased at the Construction Financial Management Association (CFMA) National Conference, May 18-22, 2024.
“We have earned a strong reputation for enabling general contractors to minimize legal and financial risk and improve efficiency since introducing our technology in 2019,” said Blair Chenault, co-founder and CEO of Flashtract. “Joining Trimble will allow our teams to advance these capabilities and help contractors make payments on time and keep management of financial and compliance documents from hampering project delivery."
