Battery Ventures, a global, technology-focused investment firm, and Newforma announce the acquisition of EleVia Software (EleVia), a financial software company for the architecture and engineering vertical market.
Founded in 2016, EleVia delivers and supports software that facilitates key financial and operational processes for the architectural and engineering markets with software modules for electronic invoicing, payables approval and tracking, A/R management and collections, forecasting, and more. These modules improve cash flow, automate tasks, improve productivity, reduce operating costs, and provide valuable insight into project performance and profitability.
The acquisition expands Newforma’s footprint in the AECO market with connectors to additional industry applications, enabling a more complete offering for architecture and engineering design organizations.
“EleVia’s technical prowess strengthens our commitment to solve the AECO vertical market’s unique challenges and remain at the center of all things project related with the addition of deeper solutions,” said Brock Philp, CEO, Newforma. “We are pleased to welcome EleVia employees and customers to Newforma.” EleVia will continue its operations as they are today and continue to serve customers and partners well.