{"id":19384,"date":"2013-12-02T20:25:35","date_gmt":"2013-12-02T20:25:35","guid":{"rendered":"http:\/\/leedpoints.com\/?guid=c3d56b26a973edd7bb720c4a8ecfd440"},"modified":"2013-12-02T20:25:35","modified_gmt":"2013-12-02T20:25:35","slug":"dirtt-cleans-up-in-canadian-ipo","status":"publish","type":"post","link":"https:\/\/leedpoints.com\/green-building-blog\/dirtt-cleans-up-in-canadian-ipo\/","title":{"rendered":"DIRTT cleans up in Canadian IPO"},"content":{"rendered":null,"protected":false},"excerpt":{"rendered":"
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\n DIRTT’s Phoenix factory <\/div>\n<\/p><\/div>\n<\/div>\n

DIRTT Environmental Solutions, a designer and producer of pre-fab interiors profiled by Sustainable Industries in 2012<\/a>, announced last week that it had completed its initial public offering (IPO) worth $45 million at $3 per share. The stock is now trading under the symbol DRT on the Toronto Stock Exchange.<\/p>\n

DIRTT (which stands for Doing it Right This Time) was founded by eccentric entrepreneur Mogens Smed, software engineer Barry Loberg, and industrial designer Geoff Gosling, whose older brother James helped invent the Java programming language and who also lent a hand to DIRTT’s proprietary and highly visual ICE software<\/a>. Customers can go online and create a 3-D model of their order with DIRTT’s walls in glass, wood, or high-gloss plastic. Detailed price and equipment lists are simultaneously populated in real-time. When the order is placed, ICE sends specifications to machines in one of DIRTT’s factories, creating an exponential increase in efficiency (so efficient, in fact, that when a truck delivering a $25,000 order of DIRTT customized glass office walls to the Bill & Melinda Gates Foundation in Seattle was stolen in 2008<\/a>, replacements where created and shipped in a matter of days).<\/p>\n

DIRTT allows building owners to easily reconfigure interiors from one tenant to the next, offering an 80 to 85 percent reuse of materials rather than heaps of metal studs and drywall headed to the landfill or the recycling warehouse. Bay Area account executive Lewis Buchner describes his employer as “a software company with really cool factories.”<\/p>\n

A dedicated network of distribution partners across two continents has assembled an extensive client list that includes some of the largest and most profitable companies in the world (an estimated 170 of the Fortune 500 companies). For the year ended Dec. 31, 2012, DIRTT’s revenues were $173 million, according to Canada’s Financial Post.<\/a><\/p>\n

The company plans to use a bulk of the proceeds to prepay debt; additional monies will be set aside for product development and sales. In March 2011, DIRTT raised $22 million in funding from venture capital firms led by San Francisco-based Expansion Capital Partners<\/a>. The funding went toward development of new interior products for higher education and also for the health-care industry, which is expected to explode with the aging baby boom generation.<\/p>\n

“The IPO provides us with important growth capital to continue to invest in ICE and innovative construction solutions,” said DIRTT president Scott Jenkins.<\/p>\n

Shares were initially down roughly 18 percent but have since settled at about $2.90<\/a>.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[12342,2925,12343,12344,12345,12346,12347,12348,3294],"class_list":["post-19384","post","type-post","status-publish","format-standard","hentry","category-green-building-posts","tag-building-product-software","tag-dirtt","tag-drt","tag-green-building-ipos","tag-healthcare-interiors","tag-ice-software","tag-modular-interiors","tag-mogens-smed","tag-sustainable-buildings"],"_links":{"self":[{"href":"https:\/\/leedpoints.com\/green-building-blog\/wp-json\/wp\/v2\/posts\/19384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/leedpoints.com\/green-building-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/leedpoints.com\/green-building-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/leedpoints.com\/green-building-blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/leedpoints.com\/green-building-blog\/wp-json\/wp\/v2\/comments?post=19384"}],"version-history":[{"count":0,"href":"https:\/\/leedpoints.com\/green-building-blog\/wp-json\/wp\/v2\/posts\/19384\/revisions"}],"wp:attachment":[{"href":"https:\/\/leedpoints.com\/green-building-blog\/wp-json\/wp\/v2\/media?parent=19384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/leedpoints.com\/green-building-blog\/wp-json\/wp\/v2\/categories?post=19384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/leedpoints.com\/green-building-blog\/wp-json\/wp\/v2\/tags?post=19384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}