The founder and former CEO of Vincit USA has launched a new software company to help educational institutions manage capital improvement projects.
Ville Houttu and Chris Nations created Privv, a SaaS platform that manages all tasks for capital improvement projects — from planning to construction to completion — in one place. The company combines Houttu's technology background through Scottsdale-based software and development company Vincit USA with Nations' project management skills developed through his role as president of capital project advisory firm Nations Group.
Privv is designed for K-12 and higher education facilities, assists project managers with navigating the complexities of large capital improvement projects while meeting critical deadlines and staying under budget.
Capital improvement projects have long been underutilizing modern technology and project managers have grappled with a lack of specialized tools, prompting them to turn toward generic software or several separate systems, said Houttu, who is also CEO of Privv.
“Instead of having to use several different systems and a couple of Excel spreadsheets, we want to have everything in one place,” Houttu said. “Because that enables us to use the data to present dashboards, create intuitive views and gather past history, which helps (users) forecast more accurately when planning new projects for their schools.”
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The company's software automatically calculates budget estimates, providing project managers with a reference point for sourcing bids from suppliers. Privv also built a construction cost index into its software to account for changes in material and labor costs.
Privv is already generating revenue from clients nationwide, some of which include Penn State University, Florida State University and the U.S. Air Force Academy, Houttu said.
Houttu’s idea for Privv was sparked after seeing school construction projects delayed or over budget due in part to antiquated tools used in the planning process, he said.
‘There's a great impact we can make when it comes to improving the lives of students, teachers and staff,” he said. “Then, there's a great opportunity for us to build something that doesn't exist.”
Privv sees growing market for project management
Houttu in 2016 founded Vincit USA, a Scottsdale-based subsidiary of software and development company Vincit, which is headquartered in Finland.
Houttu had previously helped Vincit USA’s parent company reach 350 employees and go public on the Nasdaq First North marketplace. After the company’s IPO, Houttu moved from Finland to California in 2016 to start Vincit USA, growing the company’s revenue from zero to more than $13 million by 2022.
Houttu left Vincit USA in April and planned to take a sabbatical, but then he met Nations — who told Houttu he had built a method to keep capital improvement projects on schedule, on track and in compliance, but was looking to modernize the operational model with software.
The two co-founders decided to combine their extensive career experience in construction and software to create Privv, which publicly launched Nov. 30.
The market for education-related capital improvement projects is immense, especially for universities looking to either expand or renovate their campuses and arenas, Houttu said.
"There isn't anything like Privv that exists,” he said. “We are the only project management tool designed for education.”
Building on its software platform for large projects, Privv may create a "lighter version" of its tool for smaller projects, Houttu said.
Privv, which has been bootstrapped up to this point, may consider opening a funding round next year, seeking out strategic partners to strengthen its team, Houttu added.
Privv operates an office in Old Town Scottsdale and is also looking to add to its engineering and sales teams. The company expects to have a total workforce of about 15 to 20 employees by the end of the year.
“With that, we can go for pretty far when it comes to the university sector,” Houttu said.
