By Associated Press - Monday, January 23, 2017

SOUTH PORTLAND, Maine (AP) - A Utah-based private equity firm has acquired a South Portland company that develops software for architects and the construction industry.

The Portland Press Herald reports that InterSpec was acquired by Arcom, an affiliate of Alpine Investors, for an undisclosed price.

InterSpec was founded in 1998 and employs about 20 people. The company developed a suite of software products under the name e-SPECS that speeds up the specification process using automation.

Managing director Matt Hoffner says the 20 professional-level positions at InterSpec will stay at the company’s South Portland offices and there is the “real prospect” of adding jobs in the near future.

Founder Gilles Letourneau says the company’s revenue has been increasing by 20 to 25 percent annually for the past three years and that revenue is “in the millions.”

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