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What: Shares of Textura Corp (NYSE:TXTR) rose as much as 11% Tuesday, then settled to close up around 7.4% after the construction software provider announced a significant new agreement with Turner Construction Company.
So what: Specifically, pending the successful development of interfaces to its enterprise resource planning system, Turner Construction plans to implement Textura's enterprise construction payment management (CPM) platform across all of its North American operations over the next year.
Now what: Last month, I opted to watch Textura from the sidelines given its continued losses and recent underwhelming quarterly results. However, Turner Construction is currently the largest general builder in the North American commercial construction market, so this is a huge vote of confidence in Textura's offerings. Assuming all goes as planned with the integration of Textura's CPM into Turner Construction's operations, this should go a long way toward helping Textura in its quest for achieving sustained profitability. As a result, and even after today's pop, I think the stock could have what it takes to reward patient long-term investors.
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