Foundation Software Expands with Vendrix Acquisition
Deal News | Jun 11, 2025 | Thoma Bravo
Foundation Software, a key player in the construction software sector, announced its acquisition of Vendrix, Inc. This strategic acquisition strengthens Foundation Software's portfolio by incorporating Vendrix's financial management offerings, such as corporate cards and expense management, into their suite. The move aligns with Foundation’s goal to deliver a comprehensive digital solution for construction project management, providing contractors total project lifecycle management. Vendrix’s expertise in back-office financial workflows fits seamlessly with Foundation’s tools, promising enhanced efficiency for construction teams. Notably, the transaction terms were not publicly shared.
Sectors
- Construction Software
- Financial Technology
Geography
- United States – Both Foundation Software and Vendrix operate primarily within the United States, making this deal significant to the national market.
Industry
- Construction Software – The industry focuses on technology solutions specifically designed for the construction sector, aiding in project management, financials, and administrative tasks.
- Financial Technology – Vendrix offers financial management tools suitable for the construction industry, placing it within the financial technology (fintech) sector.
Financials
- Not disclosed – The financial details of the acquisition between Foundation Software and Vendrix were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Foundation Software, LLC | Acquirer | Company | A leading provider of software solutions for the construction industry, known for its comprehensive suite catering to administrative and project management needs. |
| Vendrix, Inc. | Target Company | Company | Provides a construction-focused financial management platform that facilitates expense management and AP automation. |
| Thoma Bravo | Private Equity Firm | Company | Private equity firm with a significant focus on software and technology investments, including Foundation Software. |
| Reed Smith | Legal Advisor to Vendrix | Company | A law firm providing legal advice and services to Vendrix in this transaction. |
| Massumi + Consoli LLP | Legal Advisor to Foundation Software | Company | Legal advisors to Foundation Software in the acquisition of Vendrix. |
| Mike Ode | CEO | Person | CEO of Foundation Software, responsible for overseeing the company's growth and strategic direction. |
| David Stewart | Co-founder | Person | Co-founder of Vendrix, instrumental in steering the company towards simplifying financial workflows in construction. |
| Joe Turner | Co-founder | Person | Co-founder of Vendrix, contributing to the company's vision to improve financial processes in the construction industry. |