By Joshua Burd
A startup focused on building technology has acquired Fields Construction Co., a well-known construction management firm and developer based in Hudson County.
The firm, Katerra, joined Fields on Thursday in announcing the deal, terms of which were not disclosed. The combined firms will be known as Katerra, with a goal of applying the startup’s technologies to better serve Fields’ roster of developer clients along the East Coast.
Those technologies include a vertically integrated model of design, material supply, manufacturing, logistics and assembly to remove time and costs from building construction.
“At Fields, we’ve long believed that the construction industry is in need of innovation, and Katerra is at the leading edge of the sector’s transformation,” said James Caulfield, principal of Hoboken-based Fields Construction Co. “Fields’ success has been built upon our commitment to taking a hands-on approach to reducing costs and eliminating wasted time for clients.
“Our professionals will continue to provide the same level of personalized service that we’ve come to be known for, while Katerra’s groundbreaking technologies will allow us to optimize every aspect of the construction process, and better serve existing and future clients.”
Founded in 1999, Fields manages projects for some of the region’s most active developers and has grown what was the in-house construction division of Fields Development Group to a standalone construction company. Katerra, which was founded in 2015, says it has a growing number of domestic and international offices, factories and building projects.
Published reports say the Silicon Valley-based firm recently raised $865 million in venture funding led by SoftBank and other high-profile investors.
“Fields Construction shares Katerra’s immense passion for revolutionizing the business of construction,” said Michael Marks, chairman and co-founder of Katerra. “We’re thrilled that the Fields team is joining Katerra, and we believe that James and Robert Caulfield will play an integral role in cementing our position as a leading construction company in the United States.”
