Software company Autodesk has completed its $US275 million ($AU379 million) acquisition of BuildingConnected, a major preconstruction platform.
BuildingConnected is one of the largest and most active digital networks in the construction industry, with 700,000 construction professionals using the platform. It centralises the bid management process and aims to simplify communication to make finding, qualifying and selecting subcontractors easier.
Owners and general contractors use BuildingConnected to manage the bidding, qualification and bid evaluation process from a central location.
Autodesk plans to integrate workflows between BuildingConnected, Autodesk BIM 360, Revit and AutoCAD, as well as PlanGrid and Assemble Systems, to provide a construction offering that can address processes and workflows across a project’s lifestyle.
The acquisition will have no material impact on Autodesks’s fourth quarter and fiscal year 2019, the company said in a statement. It expects an immaterial revenue and Annualised Recurring Revenue benefit from BuildingConnected and a slightly dilutive impact to profitability and cash flow.
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Autodesk CEO Andrew Anagnost said the acquisition means the company now has a strong portfolio for empowering the technological transformation of the construction industry.
“At this phase, we will transition from acquiring leading construction technology companies to integrating these solutions and bringing them to our current and future customers,” Anagnost said.
BuildingConnected CEO and co-founder Dustin DeVan said BuildingConnected’s bid management risk analysis solution provides Autodesk the unique opportunity to harness a powerful construction network.
“Together, we can give contractors the ability to have a seamless flow from preconstruction through project completion for the first time ever,” DeVan said.
Autodesk Construction Solutions Vice President and General Manager Jim Lynch said customers are demanding advanced digital solutions and preconstruction processes that empower them to have more confidence in their data, work smarter and connect across the project lifecycle.
“Through the robust BuildingConnected network, customers now have an enhanced digital toolbox that improves data accuracy, reduces uncertainty, and allows a more effective way to increase productivity while building stronger subcontractor relationships,” Lynch said.