BIW Technologies has secured its next round of funding.
The web-based project management supplier claims that the £1.25m from shareholder and professional investor Trevor Davis will take it through to profitability in the second half of 2002.

Davis, who had already put £3m into BIW in May this year, said he made a further investment because BIW had a "sound business model" and a "strong and focused management team". He added that BIW remained an attractive proposition, despite the prospect of a recession.

Chief executive Colin Smith said the funds would fill the gap between the cost of running BIW and its revenue. "The gap is reducing all the time, but we need the extra investment to get us into profitability."

Smith added that he was confident BIW would survive in a recession. "We have over-delivered on our business plan and our order book is growing by a quarter of a million a month.

In times of recession, companies look for ways to build more cost effectively, and our services are a way they can do that."

Meanwhile, construction manager Mace has signed a deal with portal Asite to offer the option of using the Asite services to all its clients. Mace's current workload is estimated to be worth £500m.

  • Major client Prudential is reviewing its electronic project management systems for use on construction projects. Vendors Cadweb, Bidcom and BIW Technologies are thought to be in the running for the contract.