West Partners has made an investment in NoteVault, a provider of voice-to-text messaging used in the engineering and construction industry. The investment from West will be used to fund NoteVault’s growth plan.
“We are very excited to be partnering with NoteVault,” said Dennis O’Brien, President of West Partners. “We believe the firm has the best solution to allow construction companies to more efficiently manage their daily reports. In addition, CEO Peter Lasensky and the rest of the NoteVault management team are the type of partners we look for at West Partners.”
NoteVault offers construction companies a cloud-based subscription service that enables users to post real-time notes throughout the day by typing, texting, or speaking into a mobile device, such as a smartphone or tablet. Users can also use a laptop or other traditional computer device to type daily notes into the NoteVault system. NoteVault saves contractors time and money, while protecting against potential lawsuits. Each individual note is encrypted and stored for 10 years. The company is based in San Diego (www.notevault.com).
“Our vision is to enhance construction firms’ ability to increase productivity and reduce liability by mitigating risk,” said Peter Lasensky, CEO of NoteVault. “West Partners’ investment will enable us to accelerate product development and continue to offer the most innovative solutions to this market. We’re excited to be partners with West and look forward to the success we’ll realize together.”
West Partners is the investment arm of the Gary & Mary West Family Office, making control investments of $10 million to $100 million in privately held companies. West Partners also invests in commercial real estate. The firm is based in Carlsbad, CA (www.westpartners.com).
“We think there is a huge demand for this solution in the market and we are excited to work with NoteVault, to help the company increase its market share and bring additional efficiencies to construction companies. In addition, the reliable daily reports and the long-term maintenance of those reports are a significant risk management tool for the customers of NoteVault,” said Art McGill of West Partners.
© 2014 PEPD • Private Equity’s Leading News Magazine • 4-4-14
