SoftBank-backed construction startup Katerra acquires two more firms

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

TRD NATIONAL /
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

arrow_forward_ios
From left: Mollie Fadule, Lisa Picard and Matthew Marsh

Construction startup Katerra hires former James Hardie executive as new CFO

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

General contractors are suffering under Trump’s new tariffs on Chinese goods
Five components of the mall of the future

Five components of the mall of the future

Five components of the mall of the future
How Covid-19 is burning the fat off the tenant experience proposition

How Covid-19 is burning the fat off the tenant experience proposition

How Covid-19 is burning the fat off the tenant experience proposition
Virtual tours are a life saving tool for senior living properties

Virtual tours are a life saving tool for senior living properties

Virtual tours are a life saving tool for senior living properties
How the commercial real estate industry is learning to network in the social distancing era

How the commercial real estate industry is learning to network in the social distancing era

How the commercial real estate industry is learning to network in the social distancing era
The Future is Flexible: Office Leasing and the Digital Workspace

The new digital office experience

The new digital office experience
New building technology could help stop California brownouts

New building technology could help stop California brownouts

New building technology could help stop California brownouts
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...