CiDRA Holdings Announces the Spin-out of Its Concrete Quality Systems Business into a Standalone Company
Includes Growth Equity Investment in the Concrete Quality Systems Business from Strategic Go-to-Market Partner Sika AG
January 5, 2021 • Wallingford, Conn. • CiDRA Holdings has a twenty-year history of conceiving, developing and building leading edge companies and then spinning them out as standalone businesses. CiDRA Concrete Systems, Inc. (“CiDRA Concrete”) is the latest example of this proven business model in action.
CiDRA Concrete, headquartered in Eden Prairie, Minnesota, is an IoT based business that provides real time data that continuously measures the concrete quality from the batch plant to the job site via concrete Ready-Mix trucks. This data is captured through the Company’s proprietary SMARThatch sensor mounted on each truck. The data is then delivered for cloud-based access via on-board telematics allowing for real time concrete quality data to be immediately available to the concrete producer. This subscription-based data service and the data generated provides for faster response to concrete quality variability during transport.
Concrete is the most widely used building material in the world. Today, the concrete industry is benefitting from new innovations coming from the Construction Tech segment such as CiDRA’s SMARThatch™ technology. SMARThatch™ is able to deliver an entire suite of real time measurements including air in concrete, temperature, drum rotation, volume in the drum, slump and water addition.
The latest news follows on the December announcement of a global partnership between CiDRA and Sika AG of Switzerland (sika.com). Sika is a global market leader for concrete ad-mixture chemistry, which is fundamental to ensuring the quality of concrete from the batch plant to the placement on the job site. Sika and CiDRA have worked closely to launch its data subscription service in both the U.S and Canada since the beginning of 2019 and will now partner on a global scale leveraging Sika’s worldwide presence in over 100 countries. In addition to the go to market partnership, Sika has also invested growth capital in the spinout of CiDRA Concrete.
According to Kevin Didden, the CEO of CiDRA Holdings “Digital technologies are being applied in novel ways to the Construction industry. There is tremendous headroom in the value that real time data and information can deliver to the Built World. We have structured the company as a standalone business and we are excited to be attracting world class strategic and investment partners such as Sika, as we enter this exciting growth phase. CiDRA has put the key pieces in place for a high growth business. It started with the recruitment of CiDRA Concrete’s President, Scott Anderson, formerly a President of an Emerson measurement business unit to apply his operational experience to launching this business. Adding Sika to the team is a testament to the exceptionally strong working relationship that Scott and the CiDRA team have developed with the global Sika organization.”
CiDRA is advised by the Technology Group within Alantra, a global middle market investment bank.
CiDRA Concrete Systems, Inc.
email Scott Anderson