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Receives Strategic Investment From Intel
PHILADELPHIA, October 23, 2000 -- Primavera Systems, Inc., the leading provider of project management, control and execution software for the architecture, engineering and construction (AEC) industry, today announced that Intel Capital has made an equity investment in Primavera to aid the development of PrimeContract, Primavera’s e-business solution for the AEC industry.
This investment builds on the recent investment in Primavera by i2 Technologies (NASDAQ: ITWO), which, together with the Intel Capital investment, represent a 21.7 percent ownership in Primavera. In addition to their financial investments, both Intel and i2 will aid in the development of PrimeContract.
PrimeContract is designed to enable construction owners and their contractors to manage projects, teams and activities from design and engineering, through procurement, construction and into facility maintenance. By uniting commerce, communication and project control, PrimeContract subscribers are expected to be able to accelerate project delivery, improve quality and control costs.
"Intel's commitment to e-business tools for the construction industry will help shape how construction projects are managed in the 21st century", said Joel M. Koppelman, CEO of Primavera. "We expect that large project owners will move as quickly as possible to the Internet and e-business solutions to achieve real cost savings over the entire lifecycle of construction projects."
"As a developer of large building projects -- specifically, chip fabrication facilities, data centers and more -- Intel recognizes the need to accelerate development times of large projects and to reduce construction and total facility ownership costs," said Gerry Parker, Executive Vice President and General Manager of the New Business Group at Intel Corporation. "By working with companies such as Primavera, we hope to help make this a reality."
PrimeContract provides a completely role-based ASP solution for everyone involved in the design, procurement and construction process. Today PrimeContract provides a means for contractors and owners to negotiate progress payments on line. It also supports full collaboration including document management with redlining and version control, workflow management, and requests for information.
PrimeContract is a trademark of Primavera Systems, Inc. All other trademarks mentioned herein are the property of their respective owners.
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