SINGAPORE, Feb. 23, 2022 /PRNewswire/ -- Payapps, a global leader in cloud-based construction technology software, finds that although COVID-19 continues to impact the construction supply chain, creating uncertainty, increased adoption of digital technology is unlocking industry payment blocks.
Tony Simonsen, COO of Payapps comments, "We're fortunate to be experiencing significant growth to the extent our Payapps parent company recently reported 40% growth over the past three years. We're also seeing interesting trends as the sector continues to evolve. For one, more than 40% of our users are female. The next generation of leaders are also coming through, bringing fresh ideas, including a willingness to use digital tools to drive efficiencies."
Simonsen says material delivery delays, labor shortages and increasing costs are driving the adoption of digital tools and technologies across the Asia Pacific region that deliver greater efficiencies, collaboration, and risk mitigation.
"Productivity efficiencies and cash flow management are increasingly critical with costs likely to rise further this year against a backdrop of supply chain challenges throughout Asia Pacific. The industry already has razor-thin profit margins, but technology is increasingly offering opportunities to execute projects more efficiently," comments Simonsen.
Simonsen states that Payapps has high revenue and growth aspirations across the region, expanding on its existing, strong customer footprint."
"As a team of experts, and construction specialists our focus is very much on forging ahead, creating change, and remaining at the forefront of our industry so our customers can do the same in their sectors. We're continually looking for software improvements but also focused on broadening our value proposition over the coming year which we will share more details on in due course," concludes Simonsen.
To support the company name change, Payapps Company has developed a fresh identify with its new website (Payappscompany.com) replacing the former Zuuse corporate website. The company will continue to market its namesake product Payapps which retains its own website (www.payapps.com) as well as its other existing products and services including facilities management software, FMI, GCPay and ProgressPay which helps subcontractors and suppliers in the construction industry unlock cash tied up in approved invoices.
IFM Investors, one of the world's leading fund managers, agreed to a significant equity stake in the Payapps Company Ltd at the close of 2020 creating an even stronger springboard for further expansion of the global software business.