SoftBank-backed construction startup Katerra acquires two more firms

The SoftBank-backed startup brought on Paal Kibsgaard as its new COO in August

Sep.September 05, 2019 10:06 AM
From left: Katerra COO Paal Kibsgaard, Softbank CEO Masayoshi Son, and Katerra CEO Michael Marks (Credit: Katerra, Getty Images, and iStock)

From left: Katerra COO Paal Kibsgaard, Softbank CEO Masayoshi Son, and Katerra CEO Michael Marks (Credit: Katerra, Getty Images, and iStock)

Construction startup Katerra has announced the acquisition of UEB Builders and Fortune-Johnson General Contractors, just one month after hiring former oil-industry executive Paal Kibsgaard as its new chief operating officer.

Under the acquisition, both UEB Builders, a general contractor with offices in Arizona, Washington and Texas, and Fortune-Johnson, a construction company specializing in multifamily projects in the Southeast and Mid-Atlantic, will be folded into Katerra — strengthening the startup’s reach into other U.S. markets.

It is unclear how much the company paid for the acquisitions. A representative for the company declined to disclose any financial details.

“The UEB and Fortune-Johnson teams share a commitment to delivering increased value to customers by embracing technology and innovative methods,” a representative said.

Founded in 2015, Katerra is a technology company that offers general contracting, engineering, design and other building services. Since its launch, the company has secured more than $1 billion in venture capital funding from SoftBank and other investors.

The company has more than 8,500 employees, according to a representative. Katerra has inherited 320 new employees in the latest acquisitions.

In August, Kattera announced its new COO, Paal Kibsgaard, who was previously the CEO of Schlumberger Ltd., a major oil company.

In making the announcement, co-founder Michael Marks said Kibsgaard’s role would involve organizing and better integrating the companies Kattera had recently acquired.

In May of 2018, Katerra acquired Hoboken-based Fields Construction Company.

Related Articles

From left: Mollie Fadule, Lisa Picard and Matthew Marsh

Construction startup Katerra hires former James Hardie executive as new CFO

The trade war has created an uncertain environment for construction. (Credit: iStock and Getty Images)

General contractors are suffering under Trump’s new tariffs on Chinese goods

(Credit: iStock)

It’s over for Barneys: Luxury retailer to be sold, stores closed

Ribbon CEO Shaival Shah (Credit: iStock, Pixabay)

Ribbon raises $330M to aid all-cash buyers

(Credit: iStock)

S&P hits another record, but real estate stocks don’t follow suit

Soho House New York at  29-35 9th Avenue and Soho House CEO Nick Jones (Credit: Getty Images, Google Maps)

It doesn’t turn a profit, but Soho House is now valued at $2B

Lenders issued the most mortgages in 14 years last quarter (Credit: iStock)

Nonbank lenders could give serious boost to cooling housing market

Prologis CEO Hamid Moghadam and Liberty Property Trust CEO Bill Hankowsky (Credit: Prologis, B.PHL, iStock)

Prologis to buy rival logistics firm for $13B