HOLLYWOOD, FL -- (Marketwired) -- 11/24/15 --
NV5 Holdings, Inc. (the "Company" or "NV5") (NASDAQ: NVEE), a provider of professional and technical engineering and consulting solutions, announced today that it has contracted approximately $2 million in fees, measured from the last week in August through the first week in November, as a result of the Company's initiative to aggressively pursue new work through collaboration across its five core service lines. The contracts represent synergies among all five verticals and services were provided in California, Colorado, Florida, New Jersey and Ohio. Some of the services provided to clients included forensic engineering, occupational health and safety services such as asbestos testing, geotechnical engineering, environmental monitoring, and stormwater management.
"Our shareholders know that we take cross-selling very seriously at NV5 because it is one of the key ways that we have been able to achieve consistent organic growth above the industry standard. We realize organic growth through synergy when we identify services that can be provided in-house through our existing platform, thus lowering subconsultant fees. Our capacity for cross-selling has expanded considerably throughout the integration of The RBA Group and we expect organic growth from cross-selling efforts to continue to increase," said Dickerson Wright, PE, Chairman and CEO of NV5.
Scott Kvandal, PE, Chief Synergy Officer at NV5, added, "The way we promote cross-selling is through a constant and methodical effort to increase communication across our network of 42 office locations, ensuring that our engineers, planners, surveyors, environmental scientists, and program managers know exactly what the capabilities of their colleagues are. By keeping the lines of communication open among our verticals, we can ensure that we are providing legacy clients as many services as possible, and that we can pursue larger, multifaceted and more lucrative contracts where the expertise of many different professionals is required to meet the client's needs."
NV5 Holdings, Inc. (NASDAQ: NVEE) is a provider of professional and technical engineering and consulting solutions to public and private sector clients in the infrastructure, energy, construction, real estate and environmental markets. NV5 primarily focuses on five business verticals: construction quality assurance, infrastructure, engineering and support services, energy, program management, and environmental solutions. The Company operates 42 offices in Arizona, California, Colorado, Connecticut, Florida, Massachusetts, Maryland, New Jersey, New Mexico, New York, Ohio, Pennsylvania, Utah, Washington and Wyoming, and is headquartered in Hollywood, Florida. For additional information, please visit the Company's website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the "Risk Factors" set forth in the Company's most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.
NV5 Holdings, Inc.
Lauren Wright, Ph.D.
Director of Investor Relations
Source: NV5 Holdings, Inc.