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ProStar Holdings (TSXV:MAPS), the owner of the cutting-edge PointMan underground mapping technology platform, has signed a landmark deal with US engineering firm Kraemer North America. It is one of the top-ranked US national heavy civil contractors with operations throughout the US. The new deal sees Kraemer getting access to ProStar’s PointMan Pro cloud-based mapping solution.

This is a big coup for ProStar as Kraemer is the first major US construction firm to start making use of the software. PointMan is already in widespread use with small to mid-sized firms, universities and utilities in the US and further afield. PointMan Pro was launched in March following over two years of development and represents a revolution in the way construction teams are able to access underground data while on the move.

PointMan Pro can replace onerous business practices

“The adoption of PointMan Pro by Kraemer proves that PointMan can replace onerous and antiquated business practices that have been well entrenched by the construction industry for several decades,” said ProStar CEO Page Tucker.

Kraemer North America is a privately held general contractor headquartered in Plain, Wisconsin with regional offices located in Minnesota, Colorado, Washington, and Utah. Established in 1911, the company’s roots were founded in the construction of challenging bridges and highways across the US. It is a full service heavy contractor working mainly with the transportation, rail and marine sectors in the US.

“PointMan Pro is just a better way to do data collection and reduce risks and liabilities associated with the construction of our critical infrastructure projects,” said Dustin Kelsey, Project Manager at Kraemer. “I can see other infrastructure construction firms, both large and small, following in our footsteps and adopting PointMan.”

Expanding list of geospatial technology partnerships

The deal is the latest for ProStar, which has also been gradually expanding its list of partnerships with geospatial technology providers, data collection equipment manufacturers and dealer networks. This has been laying the foundations for PointMan Pro, and the Kraemer deal in turn is demonstrating the value of the technology and its associated data for major engineering firms.

ProStar is a Colorado-based technology firm which has been building out a cloud-based data platform that can be accessed by engineering firms planning to do any digging into area where some form of existing underground infrastructure exists. Typically this will include electricity cables, gas pipelines, or fibreoptic cables. Previous to PointMan’s launch, hyper-accurate data has not been available, leading to higher risks that construction teams will dig through pre-existing infrastructure.

Listen: Podcast with Page Tucker, CEO of ProStar Holdings

Well placed to benefit from infrastructure spending surge

ProStar is very well positioned to benefit from the surge in infrastructure spending in the US as the pandemic recedes. It has a good collection of existing partnerships with both data providers and dealerships, partnerships which it continues to add to. It is also ring-fencing its technological prowess with patents.

The cloud-based technology is highly scalable. Recent innovations have meant that the technology is much more accessible for engineers working on site and in more remote areas, using both Android and Apple devices, as well as facilitating reporting back to home offices and to existing databases (e.g. when new cable is being laid).

ProStar represents a highly scalable and fast-moving technology enterprise which has a great edge in the next gen construction technology market. We also like the fact that it has a huge potential market for its software, not just in North America, but around the world.

Related

Please note this article does not constitute investment advice. Investors are encouraged to do their own research beforehand or consult a professional advisor.

Stuart Fieldhouse

Stuart Fieldhouse

Stuart Fieldhouse has spent 25 years in journalism and marketing, including as a wealth management editor for the Financial Times group, covering capital markets and international private banking, and as an investment banking correspondent for Euromoney in Hong Kong. He was the founder editor of The Hedge Fund Journal.

Stuart has worked at CMC Markets, supporting the re-launch of its global financial spread betting and CFD trading platforms. He is also the author of two books on trading, published by Financial Times Pearson. Based in The Armchair Trader’s London office, Stuart continues to advise fund managers, private banks, family offices and other financial institutions.

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