Autodesk has completed its acquisition of BuildingConnected, a leading preconstruction platform, for $275 million net cash, entirely funded by cash on hand. Architosh first reported on this back in December of 2018.
The Founder’s View
“BuildingConnected’s bid management and risk analysis solution enable contractors to find the right people for the right project and provides Autodesk the unique opportunity to harness a powerful construction network,” said Dustin DeVan, CEO and co-founder of BuildingConnected. “Together, we can give contractors the ability to have a seamless flow from preconstruction through project completion for the first time ever.”
Why Autodesk Acquired Them
“Greater transparency, better collaboration, and an efficient bidding process are essential for delivering complex construction projects. 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,” said Jim Lynch, Vice President and General Manager, Autodesk Construction Solutions. “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.”
01 – Autodesk is acquiring BuildingConnected for $275 million in all-cash deal. The transaction has now closed.
“With the acquisition of BuildingConnected, we now have a strong portfolio for empowering the technological transformation of the construction industry,” said Andrew Anagnost, Autodesk CEO. “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.”
What BuildingConnected Does
With over 700,000 construction pros using the platform, BuildingConnected centralizes the bid management process and simplifies communication to make finding, qualifying and selecting the right subcontractors or responding to the right project opportunities fast. BuildingConnected is a digital marketplace at heart, one built for the construction industry.
Owners and operators of buildings also use the platform to manage the bidding, qualifications, and bid evaluation process from one centralized location. Subcontractors and vendors manage opportunities to win more work. Online tools on the cloud-based platform streamline and simplify these processes.
Brasfield & Gorrie is one of the largest privately held construction firms in the nation that provides general contracting, design-build, and construction management services. Chris Kramer, CIO of Brasfield & Gorrie said: “The construction industry is undergoing rapid change as new technology, materials and techniques become common. We embrace innovative, cutting-edge technologies as part of our commitment to our clients to provide the best quality, value and overall experience throughout the life of a project. We value our partnerships with BuildingConnected and Autodesk because they are pushing the construction technology envelope, and we’re excited they are coming together to make it even easier for general contractors, subcontractors, and owners to connect during the early stages of a project.”
Autodesk Integrations
The big operative word in the cloud-tools SaaS model is “integrations” and the most successful cloud-based, mobile and web-facing tools are gearing up on providing strong integration opportunities so customers can link all their SaaS (software as a service) offerings into streamlined and efficient workflows built around specific company needs.
Autodesk’s cloud plans were further defined and made clear at AU 2018. Their push into construction technology companies is exemplified by this acquisition and ones like it. They plan to provide integrated workflows around BuildingConnected, PlanGrid, Autodesk BIM 360, Revit and AutoCAD.
For more information read a Q&A here.
About BuildingConnected
BuildingConnected is a leading preconstruction platform enabling real estate owners and general contractors to hire qualified contractors for their projects. BuildingConnected’s mission is to connect every business in the $10 trillion construction industry and to strengthen the lives, jobs, and relationships of millions of hardworking construction professionals worldwide. From the new arenas for the Golden State Warriors and Los Angeles Rams to local schools and hospitals, BuildingConnected’s tools are helping cities grow and bringing communities together.