The transaction, which is subject to customary closing conditions is expected to close during Autodesk’s fourth quarter of fiscal 2019, ending January 31, 2019.
Autodesk, Inc., an American multinational software corporation has recently signed a definitive agreement to acquire BuildingConnected for $275 million. This deal will add bid management, risk analysis, and other preconstruction solutions to Autodesk’s current construction portfolio. Apart from this, BuildingConnected’s network presents an opportunity to create a robust digital marketplace for construction goods and services.
San Francisco, CA headquartered BuildingConnected has built a network of more than 700,000 construction professionals, helping real estate owners and general contractors find and hire qualified contractors for their projects. It is the largest and most active digital network of construction professionals. Some of its clients are Turner Construction, McCarthy, Mortenson, StructureTone, Skanska, Clark Construction, Ryan Companies, and AECOM.
BuildingConnected to enhance its global footprint with Autodesk
Dustin DeVan, co-founder and CEO, BuildingConnected, stated, “Bid management is a critical step in preconstruction since bidding is the genesis of construction projects. Our game-changing suite of preconstruction tools are saving customers time and money. We’ve helped thousands of owners, general contractors and subcontractors streamline their businesses and communicate better. Together with Autodesk, we can expand the platform’s capabilities and scale globally.”
Autodesk’s deals to make it a best in class solution provider
Andrew Anagnost, CEO, Autodesk, stated, “We are investing in digitizing and automating construction workflows. Autodesk’s goal is to connect construction processes across design, build and operations. BuildingConnected has proven to customers the tremendous value in moving from traditional rolodexes, whiteboards, emails and spreadsheets to an easy-to-use digital bidding platform. BuildingConnected, along with Autodesk BIM 360, Revit, AutoCAD, and our acquisitions of PlanGrid and Assemble Systems, gives us a comprehensive construction offering and go-to-market capabilities. We look forward to integrating our recent acquisitions and making construction Autodesk’s next billion-dollar business.”
The deal would uplift client productivity with lesser cost and risks
Jim Lynch, Vice President and General Manager, Autodesk Construction Solutions, said, “This acquisition provides an opportunity for Autodesk and BuildingConnected to connect every business in the construction industry, becoming the definitive source of information throughout the sector.” He added, “Our tools empower all stakeholders with greater visibility and better information to make immediate decisions. We’re excited about creating a robust digital marketplace for the global construction industry, helping to boost productivity, while lowering cost and risk.”
In addition to its leading bid-management platform, BuildingConnected offers TradeTapp, a subcontractor risk analysis platform, and Bid Board Pro, a platform that helps subcontractors manage and win more bids. BuildingConnected is the only bid-management platform that provides general contractors and owners with project-specific risk mitigation recommendations based on subcontractor qualification data. This helps contractors efficiently vet and make more informed decisions when selecting subcontractors.
Autodesk completes its PlanGrid acquisition
Autodesk’s November 2019 announcement PlanGrid acquisition has been closed lately. The leading provider of construction productivity software, PlanGrid’s $875 million deal will enable Autodesk to offer a more comprehensive, cloud-based construction platform.