A Tennessee construction finance software company said it has completed its purchase of Sioux City-based lienwaivers.io, a growing tech firm that developed a system that streamlines construction payments.
Built Technologies, headquartered in Nashville, will create a new division, Built for Contractors, led by lienwaivers.io CEO Geoff Arnold. The division will focus on developing innovative solutions to help commercial real estate owners, commercial general contractors, residential homebuilders, specialty contractors, title companies, and lenders manage the construction payment process, according to a news release.
The lienwaivers.io platform will be the first product focus of the division under the new name, Lienwaivers powered by Built.
Most transactions in the construction industry involve lien waivers, a legal document from a contractor, subcontractor, supplier or other party holding a mechanic’s lien stating that they have been paid in full and waiving future lien rights to the disputed property. Traditionally, completing lien waivers and mailing payments is a time-consuming process.
lienwavers.io’s cloud-based construction payment platform integrates with accounting and project management systems to extract payment information, enabling builders to process lien waivers and pay vendors quickly and electronically.
Built is a leading provider of construction finance software.
“Six years ago, we set out with one goal in mind – to change the way the world gets built,” said Chase Gilbert, Built’s co-founder and CEO. “I am incredibly proud of the strides Built has taken towards achieving that goal. To date, more than 100 of the nation’s leading construction lenders have utilized Built to efficiently and effectively manage over $34 billion in construction loans.
“We began with tackling the challenges that have plagued construction lenders and their borrowers for decades, but knew we needed to expand further downstream in order to truly solve the industry’s problems. ?lienwaivers.io? is the perfect partner as we advance our mission.”
Arnold said since launching lienwaivers.io in 2015, the startup has been “laser focused on increasing efficiencies and trust in the construction payment process.”
“Joining Built will allow us to link two areas of the construction finance process that have never been linked before and accelerate innovation and growth. I couldn’t be more excited for what lies ahead,” Arnold said in a statement.