Autodesk has signed a definitive agreement to acquire Payapps—also known as GCPay, in the United States.
Payapps is a cloud-based payment software that is recognized as a best-of-breed solution for the construction industry. It is known as Payapps in Australia, New Zealand, the UK, and Ireland, and as GCPay in the United States. The software helps general contractors manage the lien waiver exchange process with their trade partners and speed up the payment process.
Why Payapps?
While the global construction industry continues its digital transformation, the payment process has often lagged behind other construction industry processes and has long been ready for innovation. Both GCs and sub-contractors struggle with late payments and cash flow constraints. Autodesk notes it can take an average of 83 days for subcontractors to get paid after putting work in place and there is considerable risk on sub-contractors and general contractors alike due to this lag. Reputations for slow payments to sub-contractors can destroy the credibility and reputations of general contractors.
Autodesk to acquire Payapps.
Payapps integration into Autodesk Construction Cloud will strengthen Autodesk’s portfolio of software solutions for construction professsionals and the AEC/O industry as a whole.
Autodesk’s recent acquisition will provide significant benefits to its customers by offering technology that simplifies the burden of construction payment management. This technology will make the process faster, more efficient, and easier for all construction project stakeholders. The acquisition highlights the company’s belief that improving processes and workflows is vital to enhancing the construction industry. Ultimately, the aim is to make the construction process as rewarding as the final product.
