eQuorum is proud to share with you some of our customers’ latest developments. eQuorum partners with industry-leading design and construction companies and is an essential component of their engineering and construction workflow.
In the first quarter of 2020, the construction industry added more than $900 billion to the U.S. economy, surpassing its highest level since the recession of 2008. Construction companies also employed more than 7 million workers in February of last year. Alas, the threat of the COVID-19 pandemic progressed and the industry took a major hit, causing it to lose more than $60 billion in GDP - costing more than 6.5 million jobs and eliminating two years of job increases. Fortunately, many construction companies are well-positioned to handle the economic damage. Large construction companies such as Primoris Services Corporation are among these companies, as they continue to break records in 2021.
Primoris Services Corporation was founded as ARB Inc. in Bakersfield California in 1960 as a modest-sized specialty construction company. The Company went public in 2006, leading to an explosion of growth in the coming years. Since then, the Company has made a name for itself in the construction industry, as the multi-billion-dollar corporation has differentiated itself from other construction companies by providing specialty contract services to organizations across North America.
Primoris has been a leader in the required infrastructure for energy and utility companies for many years. In 2019, the Company earned $3.1 billion in revenue and has employed more than 12,000 workers. The Company has shown some serious momentum in the past few years, as it intends to acquire more subsidiaries in the years to follow.
In late December 2020, Primoris announced a new solar award of approximately $100 million - work for which will commence in the second quarter of this year. The award is for the engineering, procurement, and construction of a utility-level solar facility in Texas, which is one of many projects geared towards popularizing renewable energy in Texas. Primoris’ specialized capabilities made the company an unquestionable candidate for the award, as the scope of work includes the installation and connection of a battery energy storage system and substation. Large awards like this, however, are not uncommon for Primoris. In June 2020, the Company announced another new solar award valued at over $155 million.
In January of 2021, the Company announced it has closed its acquisition of Future Infrastructure Holdings, LLC in a cash transaction valued at $620 million. The Company has taken an aggressive approach to growth, as rapid growth in high margin markets directly aligns with the goals of the Company. The acquiree provides non-discretionary maintenance, repair, upgrade, and installation to several large markets, including gas utility, telecommunications, and infrastructure markets. The acquisition goes hand-and-hand with Primoris’ strategic agenda, as it will allow the company to expand its service lines.
Primoris delivers a full range of services, including specialized front-end engineering design. They have delivered solutions for most of the major energy-producing companies in North America, and continue to grow in the renewable energy sector. The Company wants to increase its presence in environmental sustainability markets, and has done so through subsidiaries like OnQuest, a specialty engineering company focused on the design, engineering, and supply of direct-fired heaters and related combustion equipment. The Company and its management take with them many years of experience in the solar industry and have earned themselves the title of Top Solar Contractor in the 2019 Top Solar Contractor list.
With the company’s expansion comes an explosion of documents and workflows that need to be managed. eQuorum provides Primoris with ImageSite, eQuorum’s leading workflow and document management solution. ImageSite is the perfect tool for large construction companies, as it supports various file types, including CAD files, such as AutoCAD, Inventor, SOLIDWORKS, MicroStation, Revit, and NX. Companies managing hundreds, thousands, or even millions of engineering documents can use ImageSite to secure and distribute their files and automate document-centric workflows within the system.
ImageSite and Engine-Box (the Cloud version of ImageSite) are designed to help companies improve communication, collaboration, security, and productivity by providing features that engineers need.