IFM renders fresh software investment

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IFM Investors is set to take a controlling stake in Australian digital network construction business, Render Networks.

, which typically cuts $40 million to $60 million cheques, will invest $40 million in the business to take a majority stake alongside the company’s co-founders and management.

Render Networks co-founder Dan Flemming plans to turbocharge growth in partnership with IFM Investors.,The growth funding round is expected to see Render Networks take its subscription-based software to new industries and geographies, and seek to capitalise on its position as an industry leader in the growing digital construction sector.

Render Networks was founded in 2013 by former NBN Co head of construction Dan Flemming and businessman Joe Forbes, and uses its proprietary geospatial construction platform to build faster and more efficient IT networks, which it says result in lower costs, less waste and fewer transport emissions.Advertisement

Co-founders Flemming and Forbes and company management are expected to retain a substantial stake on completion of IFM’s investment. Another shareholder is well-known KPMG dealmaker Luke Lawrentschuk, who is also Flemming’s brother-in-law. Render Networks co founder Joe Forbes also founded Biarri, the company that used big data and mathematics to help NBN Co create the blueprint for its network.Sources said Render Networks’ owners went looking for an investor they thought could help put a rocket under the company’s growth. The business is understood to have already seen 50 per cent a year uptick in revenue in the past three years, but management has ambitious plans for much more.

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