OPERATOR: Good afternoon, and welcome to Textura Corporation's conference call to announce a new solution. Today's call is being recorded. At this time, I would like to turn the conference over to Ryan Lawrence, Chief Legal Officer at Textura. Thank you. Please begin.

RYAN LAWRENCE, CHIEF LEGAL OFFICER, TEXTURA CORPORATION: Thank you, operator. Good afternoon. Thank you for joining today's call to discuss our new solution, the Early Payment Program, or EPP. Before we begin, I would like to remind you that many of the comments made on today's call are forward-looking statements, including but not limited to, EPP expected performance and revenue estimates. These statements are subject to the risks and uncertainties inherent in a new product offering and the other risks and uncertainties described in our filings with the SEC, including but not limited to the risk factor section of our 10-K filed November 26, 2013. Actual results may differ materially from those described during the call. In addition, all forward-looking statements are made as of today, and we do not undertake any responsibility to update any forward-looking statements based on new circumstances or revised expectations. I will now turn the call over to Pat.

PAT ALLIN, CHAIRMAN & CEO, TEXTURA CORPORATION: Thanks, Ryan. Good afternoon, everyone. I am pleased to be joined today by Lex Greensill, CEO of Greensill Capital, and Jillian Sheehan, EVP and CFO at Textura. As you know from the press release, we have just announced that Textura has joined forces with Greensill Capital and Morgan Stanley to offer what we think has the potential to be a game-changing solution in the commercial construction industry. The solution which we are calling the Early Payment Program, or EPP, combines Textura's CPM technology platform with Greensill Capital supply chain financing expertise and Morgan Stanley's capital market presence to deliver an opportunity for general contractors to accelerate payment to subcontractors on commercial construction projects on a global basis.

In addition, Turner Construction, the largest general builder in North America, announced today that it will be the first client utilizing this new solution and will call their program Turner APP, or Turner Accelerated Payment Program. Turner, Greensill and Textura have worked together over the past 18 months to craft a solution for both Turner's unique needs and to also create a solution for the construction industry. Because of the significance of this solution launch, we are hosting this call to provide additional details and answer questions.

Approximately 10 years ago, Textura commenced operations. There were three of us in 800 square feet and zero revenue. Today we are over 500 employees with international offices in the United Kingdom, Australia and Russia, and a high annual revenue growth rate.

When the co-founders studied the construction industry over 10 years ago, it was clear to us that there might be an opportunity to change how construction project work in process is funded. Traditionally, subcontractors have been paid for work carried out each month 30 to 60 to 90 days after completion of this work. These subcontractors often lack access to low-cost working capital and banks, since the financial recession have limited their lending to subcontractor businesses, putting pressure on subcontractor balance sheets and limiting their ability to grow.

In our last three quarterly earnings release calls, I mentioned that we have been working with certain leading financial experts to create a new solution for the construction industry using Textura's platform. I am just delighted that we are now finally able to announce today both our partnership with Greensill Capital, our new solution, EPP, which leverages our CPM functionality, and our first client for EPP, Turner Construction.

About 18 months ago, Turner Construction introduced us to Greensill Capital. It became apparent early on that Textura and Greensill shared a common vision for solving subcontractor funding issues, and between the two organizations we had the right skill sets to put all of the pieces in place to create a solution.

Lex Greensill and his team at Greensill Capital are global supply chain financing experts, bringing a high level of unique expertise around the design and implementation of these types of programs. Lex and his team created the global supply chain funding businesses at both Morgan Stanley and Citibank before starting their own business in 2011. Lex has an impressive set of credentials and currently acts as the senior advisor on supply chain finance to the UK Prime Minister, David Cameron, and recently advised the White House on their new SupplierPay program.

Lex was also this past year appointed a Crown Representative to Her Majesty's Government, a role focused on ensuring the British government gets better value in its supplier purchases. Lex is on the call. Would you like to say a few words?

LEX GREENSILL, CEO, GREENSILL CAPITAL: Pat, thank you very much. I am delighted to be able to announce our partnership with Textura to deliver EPP. My team and I have set up a significant proportion of third-party funded early payment programs Fortune 500 companies over the last decade. Since the financial crisis, we have seen retail, manufacturing, defense, telecoms and technology sectors enthusiastically embrace this technology as a way to reduce costs and to strengthen their supply chains.

Unfortunately, despite the obvious financing challenges that subcontractors face, the particular legal and other intricacies of the US construction sector meant that until now no one has cracked the code on how to deliver a third-party funded early payment solution. In the past decade, Textura has built an impressive platform and a market-leading position. Their technology, when coupled with our supply chain finance expertise, finally allows third-party funded early payments to be made to subcontractors, a first in the market.

Given our experience in delivering these programs, we are confident that there will be significant adoption by subcontractors of Textura's early payment program, both in the United States and abroad. To support that demand, we are delivering our balance sheet, that of our bank's subsidiary, Greensill Bank, and via our partnership with Morgan Stanley, the capital markets. I sincerely believe that Textura's EPP will permanently change the way the construction industry works in the United States and globally, and we are thrilled to be a part of it. Thank you, Pat.

PAT ALLIN: Thanks, Lex. Together we believe that our early payment program will enable general contractors to deliver significant benefits to their subcontractor business partners, empowering them to grow through the improved cash flow and stronger balance sheet that can result from earlier payment. As you know, CPM is currently used by over 300 general contractors and owners.

CPM electronically integrates all construction payment management process components, including billing, progress claims, lien waiver collection, statutory declaration, sub-tier waivers, compliance management and payments into one seamless workflow. CPM helps contractors and others involved in construction projects realize significant efficiency benefits from automation and streamlining, and risk reduction from improved control and visibility.

As it turned out, CPM is the ideal platform for an early payment program. To manage the program, we have created some additional functionality for CPM. This development is complete and will be ready for the early 2015 launch. Utilizing CPM, the early payment program will allow each general contractor to have a customized program, with Greensill connecting unique funding sources for each general contractor.

Under each program, enrolled subcontractors have the opportunity to receive payment for invoices approved by the general contractor earlier than the typical payment date in return for accepting a fee off of that invoice. This type of program will provide benefits to all clients using our technology platform, which is the same approach that we have taken with our other solutions. To us, it is all about delivering value to all participants surrounding a construction project: everyone is our client.

General contractors may be able to lower bids, resulting in more work and/or better margins. In addition, general contractors would be working with financially healthier subcontractors, which could result in fewer defaults and lower claims. Subcontractors will be able to prepare bids expecting earlier payment after the work is performed. And expedited payment should lead to stronger balance sheets, business expansion and less business owner risk. It is our belief that EPP can be a game-changer in the construction industry, solving long-standing structural issues in the way construction projects are funded.

As part of this alliance with Greensill, Textura will be providing the technology platform to carry out EPP. Implementation of a general contractor early payment program will be contingent on being implemented on our CPM solution. By leveraging our existing CPM client services team, we will provide EPP sales support, marketing and client services.

Greensill will be the contracting entity with the general contractors, negotiating pricing and program details, underwriting GC projects, and creating and executing separate funding programs for each GC. Greensill has committed a minimum of a revolving $250 million of its own funds to EPP financing, and plans to deliver an initial minimum of a revolving $10 billion in EPP financing from a combination of its own balance sheet, third-party banks, and with the assistance of Morgan Stanley, the capital markets. Jillian, I am going to turn it over to you to discuss Textura's revenue opportunity from EPP.

JILLIAM SHEEHAN, EVP & CFO, TEXTURA CORPORATION: Thanks, Pat. I am sure that all of you may be wondering what the size of the revenue opportunity to Textura from EPP might be. It is very important to stress that this is not only a new solution offering for Textura, but the first offering of its kind to the construction industry. So it is difficult for us to fully estimate potential revenue at this point.

Textura's revenue stream from EPP will be a fee from Greensill Capital for use of the technology platform. The fee is based on overall EPP program revenue, which is dependent on, among other things, funding volume and the average fee paid by the subs on each invoice in the program.

However, here is a bit of perspective. So again stressing that this is very much an estimate at this point. Per CPM subcontractor usage fees, the average monetization rate build in the September quarter was slightly above 9 basis points of subcontract value. And this has ranged on an individual subcontract from 3 to 4 to 20 to 25 basis points, depending on the size of the subcontract. Please keep in mind that 70% to 75% of a general contractor's construction value is subcontracted.

For EPP, we estimate that the revenue to Textura may range from approximately 9 basis points to 29 basis points of subcontract value, depending on the fee the sub pays, and assuming that a sub funds every contract invoice. We currently expect the average fee to be in the 10 to 15 basis points range of subcontract value. Please remember that virtually all subs are mandated on CPM, but contractor participation on EPP is optional. Our understanding is that the normal adoption for these types of programs in other industries is about 35%.

The revenue potential is significant if the program is successful, and we are excited about the opportunity in front of us. But as I mentioned earlier, we simply won't know the size of that revenue opportunity or other effects of EPP until it gets up and running over a period of time. However, we believe that EPP significantly adds to the CPM value proposition and potential revenue opportunity to Textura, and will further enhance our CPM operating leverage. I will turn it back to Pat for closing remarks.

PAT ALLIN: Thanks, Jillian. We plan to roll out EPP as a general contractor specific program in early 2015, starting first with Turner Construction. Between now and the initial rollout, we will continue to meet with general contractors and subcontractors to explain the benefits and the mechanics of the program. We are all very excited to add the EPP solution to our technology platform, and hope our clients feel we continue to create innovative solutions and deliver value to their organizations. With that, I will turn it over for questions.

Questions and Answers

OPERATOR: Thank you.

(Operator instructions)

Bhavan Suri, William Blair.

BHAVAN SURI, ANALYST, WILLIAM BLAIR & COMPANY: Hi. Thanks for taking my question, and certainly a very, very interesting solution. I guess my first question, just to touch on it, just to clarify, is that CPM will be the platform through which the subcontractor may obtain the invoice for the EPP. But just to clarify, the payment to Textura for use of the platform will come from the financing outside of the partnership?

PAT ALLIN: Right. Just in broad brush, how it works is the subcontractor on a project that uses CPM and is enrolled in EPP would go through a new CPM for their normal monthly invoice. CPM, based on the input from a sub would generate the legal documents associated with the invoice and the lien waiver. That then goes to the general contractor for approval. Once the general contractor has approved it, Greensill Capital is notified. And we will facilitate the movement of money from that general contractor's funding pool from the pool to that subcontractor. So CPM is absolutely -- a lot of that is just the normal process, right? It's just where the funding will actually come through a different source than typically do.

BHAVAN SURI: And the 9 to the 29 basis points that Jillian was referring to will be paid to you by Greensill Capital?

PAT ALLIN: So what happens is, obviously the subcontractor gets paid their invoice amount less the fee. And then at maturity, whether that is 35, 40, 45 days later, the general contractor typically having been paid by the owner, will pay the full invoice amount to Greensill, which will repay the monies paid to the subcontractor, and what will be left over is the fee. Textura then receives their part of the fee from Greensill.

BHAVAN SURI: Got it. That is helpful. Thanks, Pat. As you look at the conversation with Turner and you look at Turner's rollout, are there subcontractors today, or have you have identified a subset of subcontractors that want to participate in the EPP?

PAT ALLIN: Well, as part of this process over the last year, Turner has gone out and talked to many of their subcontractors. And they are -- if they were on the call, they would tell you that the response has been surprisingly positive, particularly amongst the large subcontractors where they might have guessed that a fee might not be something that they would be interested in. So Turner is going forward, having done their homework with their subcontractor community, which is a group of 10,000 or 20,000 subcontractors.

BHAVAN SURI: Got it. It does surprise me that the largest ones would do it because I would figure that they have direct financing capability with banks and whatever and it would be the small subcontractors that have the harder time getting the financing. Help me just reconcile those two things, Pat. I clearly have it wrong, but sort of how that process might have worked before EPP came around in the construction industry.

PAT ALLIN: Yes, you would assume that the larger subcontractors, some of which are global organizations, would have their own capital market based funding. Obviously, I was not involved in Turner's process going out and talking to their subs, but we did an interview with [D&R] yesterday, and although the head of purchasing at Turner made it very clear that it was a surprise to him that the large subs, some of them are very interested it in this kind of a program.

BHAVAN SURI: And then one quick last one, if I may. As you think about the various other things that you can hang off this in terms of financing projects and other products around sort of making sure that the subcontractors stay in business and mitigating risk, any sense as to what other pieces you might be able to hang off of this around risk mitigation, whether it's the submittal process, other risk management features that you might add to CPM?

PAT ALLIN: If you are asking me are there are other opportunities that we're looking closely at, the answer is yes. If you are asking me what they are, the answer is I cannot tell you. (Laughter)

BHAVAN SURI: All right. Very good, guys. Thank you for taking my questions.

PAT ALLIN: Thanks.

OPERATOR: Michael Nemeroff, Credit Suisse.

KYLE CHEN, ANALYST, CREDIT SUISSE: Hi. This is Kyle Chen in for Michael Nemeroff. Thanks for taking the question. I guess just a few questions, if I may. Pat, you mentioned that the timing of the launch of this program is early 2015. How should we think about the potential timing and size of revenue contribution in 2015, and if this has already been factored into 40% to 46% guidance for the year?

PAT ALLIN: That is financial. I am going to turn that over to Jillian.

JILLIAM SHEEHAN: Kyle, At this time, we have not included EPP in our 2015 guidance. As I mentioned on the call, it is not only a new solution for Textura, but also a new offering to the industry. Really, we think that there is going to take a period of education that is going to be required on both the C and the subcontractor side as we rollout. So we just felt it was appropriate at this time to be conservative on the expected revenue contribution in 2015 and not include anything in the guidance.

KYLE CHEN: Got it, got it. And you had highlighted that one of the potential benefits from the GP perspective is the, I guess the opportunity to get higher quality and perhaps even lower bids from subcontractors. And so I guess, could this potentially result in a lower, call it, ticket or subcontracted value, given discount that a subcontractor might be able to give in order procure the business and to get paid faster in exchange for perhaps a larger pie, in this example?

PAT ALLIN: So when a subcontractor is bidding on a project today, one of the things I think they really have to consider as part of their overall bid is what their cost to capital is, and whether they do that in a really sophisticated way or not I am sure there is a range of ways that it is done. But in an environment where you know payment is going to be delayed just in the normal course, 35, 40, 45 days or more, and the delay is uncertain, it is our belief that having some certainty over the payment timeframe and getting paid earlier will result in more aggressive bids on those kinds of projects by subcontractors.

And that may result in more work for those GCs that are using the EPP program, or it may result in better margins for a subcontractor having some certainty around their cash flow allows them to fundamentally to manage, run and strategize their businesses differently. So if this program gains a lot of market share there, we think it allows subcontractors to really restructure their businesses in a way that is much more favorable, more positive, less risk of default and fewer claims from a construction insurance point of view.

KYLE CHEN: Got it. Thanks. That is helpful. One last question. So you mentioned that currently Turner is signed up as your first customer in this. Just wondering from an OpEx perspective, how should we think about the cost structure relative to the incremental perhaps marketing expenses or overhead expenses relative to the hand-holding that might be required for incremental GC (inaudible) subcontractors related to this initiative?

JILLIAM SHEEHAN: As Pat mentioned, Kyle, on the call we will be leveraging our CPM client service group in order to sell, implement and provide ongoing support for EPP to general contractor and subcontractor clients. We have our call center that is responsible for supporting CPM subcontractors today, and they will also be tasked with onboarding and supporting subcontractors interested in participating EPP. So we will need to add some additional headcount to these groups in order to support EPP, but over time we feel that EPP will further enhance our CPM operating leverage. And at this point, the majority of technology cost to develop the solution have been incurred, they have been capitalized to develop (inaudible) our software. And we anticipate that the ongoing technology costs to support the solution will be reasonable.

KYLE CHEN: Thanks very much. See you guys tomorrow.

JILLIAM SHEEHAN: Thanks, Kyle.

OPERATOR: Pat Walravens, JMP.

PAT WALRAVENS, ANALYST, JMP SECURITIES: Great. Thank you, and congratulations. Can I start with a very basic question, which is so why are the payments to the subs typically delayed in the first place? It is not a credit issue, right?

PAT ALLIN: Well, the -- so this whole process is time-consuming every month. So on any project of size, the project team for the general contractor has to collect 30, 40, 50 invoices. The invoices are complicated. There is a lot of detail. They include legal documents, lien waivers, et cetera, and one of their activities is to go out and make sure that the work has actually been carried out, that the quality is what it needs to be. And in that activity there could be negotiations back and forth with the subcontractor.

So part of what we do with CPM is just make that a shorter timeframe and more efficient. So once that is done, the general contractor then goes through the process of doing their own invoicing. And then consolidates all of the subcontractor invoice information, their own invoice information, and prepares what is called the payment application. That payment application is sent to an owner, who typically goes through and checks all the math, checks all of the legal documents, satisfies itself through its engineers and architects that the work has actually been done, and then puts it in for payment. A lot of organizations, once they've approved a payment, don't pay for 30 days.

So this thing tiers up and it can take, in a manual world, 30 days just to get from sub invoice to payment application to the owner. The owner goes through their process. They then turn around and wait X number of days, make the payment to the general contractor. The general contractor then turns around, and in whatever timeframe they deem appropriate, makes payment to the subcontractors. The subcontractors turn around and make payment to the sub-tiers.

And it is just a process that typically can last 60, sometimes 90, sometimes 120 days. So applying technology as we did with CPM has shortened that process by several weeks, which has resulted in GCs then subs being paid earlier. This is -- I don't believe there is going to be a set of mechanics using technology to take all of that timeframe out. So subs without something like an early payment program are always going to be funding 30, 60, even 90 days of work in process on a construction site because they have to pay the labor as the labor is being done, they have to pay for the materials that they're delivered, et cetera. They have no ability to hold off until they are paid by the general contractor. Does that make sense?

PAT WALRAVENS: Yes, it does. Jillian, let me ask the revenue question a different way. When do you think we should expect to see a noticeable impact on revenue? 2015, 2016, 2017? It sounds like it's not 2015.

JILLIAM SHEEHAN: Yes, so we -- as I said, Pat, we think that there is going to be a ramp-up. Turner has indicated that they'll begin rolling out the program starting in early 2015, and it will be piggybacking the implementation of CPM that they will be doing. So ramping up their projects on CPM, because that is a prerequisite for implementing EPP. In the meantime, over the upcoming months we're going to be meeting with our existing CPM clients and sales prospects to explain the benefits and the mechanics. So we just have to see what the adoption will be with our existing clients. You're right that we are not expecting material in 2015, but as the year progresses we will keep everyone updated on what we're expecting for 2016.

PAT WALRAVENS: Don't forget (multiple speakers)

JILLIAM SHEEHAN: Sorry, go ahead.

PAT ALLIN: If I could add something, Pat. Don't forget that fully implemented existing CPM clients can have this program up and running in four or five weeks. So it is hard for us to know sitting here today -- and we have gone out and we've talked to some of our larger clients, et cetera, and to say they are intrigued would be an appropriate statement. But we just -- look, we know this is industry that doesn't embrace change quickly. And so we are being cautious until we are further down the road and see how some of our existing CPM customers are going to react to this program and how quickly they will want to implement.

PAT WALRAVENS: Great. A last question from me is, Patrick, previously you had indicated that there was a material development that we were not aware of that it was extending the blackout period for the insiders. Is this what you are referring to, or is that still something else?

PAT ALLIN: Yes, there were two components to it. One was the launch of this product and the other the fact that Turner was going to be the first client

PAT WALRAVENS: Okay, great. Thank you very much.

OPERATOR: Brian Schwartz, Oppenheimer.

BRIAN SCHWARTZ, ANALYST, OPPENHEIMER & CO.: Yes, hi. Thanks for taking my questions, and congratulations on the new product announcement here.

PAT ALLIN: Thanks, Brian.

BRIAN SCHWARTZ: Two questions I had, just follow-up. First on the technology side, Pat. Just wondering, you mentioned in your commentary that that has a global basis capability. I am just wondering today as we start to roll out the project -- I'm sorry, the product in 2015, is it ready to be sold into international markets? Does it have the localization capabilities for those markets? Or is it only applicable for North America today?

PAT ALLIN: Well, the -- I think the question really -- another way I would interpret the question as being, is CPM ready for markets other than Canada and the US? EPP fundamentally is not dependent on the -- which country you are in. So it is -- that's not a factor. So right now CPM is being used in Australia, it is being used in Mexico, Canada, the US, Ireland, and we hope to have clients up in the UK in the first quarter next year. And it is -- the functionality does exist. It does exist and work in those environments. Don't forget, four or five years ago it was being used in the Middle East on some very large projects by global contractors, and was being used very effectively. So there is always some costs associated with being in a new country around different payment regimes and maybe some different documents, et cetera, different process flow. But those are not substantial. To the extent that we can roll out CPM, EPP will be a part of that. We think EPP may well have the impact of accelerating our growth internationally.

BRIAN SCHWARTZ: Pat, if I could just add a follow-up. Thank you for the color on that. Just a follow-up question. I guess what I'm curious is, could EPP in the future, at some point in the future, could it act as a front door for your platform? And I guess my thought process is you have a customer here such as Turner who spent 18 months developing this product here, and you are heavily integrating it right now in the corporation. But they have bigger companies, Turner, they have parent companies internationally. And I am just wondering if this product could in some way act as a front door for the platform. Wonder your thoughts on that?

PAT ALLIN: The real expert on supply chain funding is Lex. Lex, why don't you -- you have had a lot of experience with these kinds of programs in construction and other industries. Do you have a perspective on that?

LEX GREENSILL: Sure. I think the reality is that the delivery of financing and making it more efficient is at the heart of the way more than the supply chains work. And so what we have seen, as I made in my comments earlier, is a pole effect where when I started setting up supply chain finance programs about a decade ago, they were really based in the United States and in the United Kingdom, and from there they have grown out to every corner of the world. So whilst this has not being done in the United States before in the construction sector, every other sector that this technology has been able to touch, it has gone global very quickly. And certainly as we think about our partnership with Textura, we think of this as a global partnership. And we think we will be taken global quickly, and certainly there has been interest from general contractors outside of the United States. And so I think it might actually have the pull affect that you were mentioning.

BRIAN SCHWARTZ: Thank you for that color, Lex. Last question from me for Jillian, just on the expense side. As we think about the new product, the evangelizing, do you happen to have an idea today on how much new spending you are anticipating in 2014 for headcount or any other additional expenses? And then the follow-up question to that, Jillian, is does this new product or the investments required in the new product, does it any way change the long-term margin profile that you and Pat have talked to the Street about ever since you have been a public company? Thanks.

JILLIAM SHEEHAN: Yes. So as I mentioned earlier, we are going to be leveraging our CPM client service group. So we will need to add some incremental heads into that group, Brian, as we look at the sales process and the roll-out for both general contractors and then in our call center, we will need additional staff to support the onboarding of and the education of the subcontractor. So there will be some additional heads that are required. In terms of the long-term model, we do think that EPP over time will further enhance our CPM operating leverage, which as you know drives a large part of our long-term model. So we believe we will have some benefit, but at this time we're not making any changes to our long-term model.

BRIAN SCHWARTZ: Thank you. And congratulations again on the new product announcement today.

PAT ALLIN: Thanks, Brian.

JILLIAM SHEEHAN: Thanks.

OPERATOR: Jeff Houston, Barrington Research.

JEFF HOUSTON, ANALYST, BARRINGTON RESEARCH: Hi. Thanks for taking my questions. First one is for Pat. Pat, just wanted to confirm that this relationship is not adding any financial -- financing risk to Textura, and that is really on the other side of the partnership. And just wanted to make sure the relationship is -- on Textura's part, not really carrying any of that financial risk.

PAT ALLIN: No, we are not providing any of the funding here and we are not doing the underwriting. And so we really don't have any funding or financing risk associated with this program.

JEFF HOUSTON: Got it. Got it. And then separately I was hoping to ask Lex a follow-up question. Could you talk a bit about what some of the industries are that are using a similar program successfully? And it would be interesting to hear, too, your perspective about with the commercial construction industry, what are the dynamics of why this type of product hasn't been introduced before, and I assume it has something to do with the innovation that is involved with CPM. Any color you could provide there would be pretty interesting.

LEX GREENSILL: Certainly very happy to, and I will try to be brief and concise. The sectors that have used this before, if we look back 10 years, the first sector to use this in a big way was retail. The reality is that delivering this kind of technology is about having a supply chain that is, if I could use the word, quite electronified. It needs to work in an electronic environment in order for us to be able to get information in a timely fashion such that the early payment can be offered. And that -- Pat spent a few minutes earlier in the call talking about what that process is. And so retail has always been at the front of the curve in terms of being highly efficient.

From there we moved into manufacturing, which again is very process- and technology-oriented. And from there we have gone into defense and aerospace. And into -- from there into telecommunications, the big [net-all] carriers, and from there into the big technology houses (inaudible) I'm sort of talking both (inaudible) hardware and software. So, that is essentially been a progression over the last decade, but it has really followed the technology.

One of the things that I think Textura done in terms of revolutionizing the marketplace is actually to bring to bear technology to actually enable the pretty manual process around the way that subcontractors invoice and are paid. And what has prevented this from happening in the United States until now has been the fact that as a financial institution, I wouldn't be able to be comfortable, nor would a general contractor, or for that matter their client, would not be comfortable kind of committing and delivering payments or financing if the liens that the subcontractors hold had not been managed and released, and we had confidence that that worked. And so I guess through CPM, Textura cracked that nut. And that is really the kernel of what enabled us to be able, together with Textura and Turner, to actually deliver this into the marketplace for the very first time. I hope that answers your question.

JEFF HOUSTON: Yes. That's very -- thank you.

OPERATOR: Thank you. We have no further questions in queue at this time. I would like to turn the floor back over to management for closing remarks.

PAT ALLIN: Thank you. Well, thank you for attending this call and your interest in Textura. Our vision for Textura is to create a platform of integrated solutions which create significant value for our clients. The platform can and will be used in conjunction with third parties to solve some of the real issues in the construction industry. This announcement is affirmation that we are achieving our goal. Again, thank you very much for your interest.

OPERATOR: Thank you. This concludes today's teleconference. You may disconnect at this time. And thank you for your participation.

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