Released on the first day of the 2024 AIA National Convention and Expo, Germany’s Nemetschek Group has announced that it has signed a deal to acquire all shares of GoCanvas Holdings, Inc., headquartered in Reston, Virginia.
GoCanvas® is a leading provider of field worker collaboration software that digitizes processes in the field that are traditionally paper-based. Seen as a perfect fit with the Nemetschek Group’s ‘Build & Construct’ division portfolio, the Group sees GoCanvas and other daughter company Bluebeam as a perfect fit for a unique construction ecosystem.
GoCanvas is Fast Growing
GoCanvas touts over 300,000 active users worldwide and is used by field workers to capture real-time data, collaborate across worksites, create digital checklists, and replace the tedium of paper and clickboards.
GoCanvas is focused on serving the needs of professionals in construction, HVAC, roofing, landscaping, fire and life safety, and field services. For the HVAC professional, for instance, GoCanvas has a dedicated HVAC Mobile app that handles job scheduling, client management, invoicing, and real-time updates. This is the type of app you might see a technician using when they come to your home to fix an HVAC issue.
GoCanvas is the next acquisition by the Nemetschek Group. The US-based company is a fast-growing software provider for field-service workers and industries, including construction, HVAC, landscape, and fire protection and safety.
GoCanvas solutions prominently manage assigned fieldwork tasks through calendar-based scheduling, in-progress, upcoming and submitted jobs management, and reporting.
Founded in 2008 with more than 300 employees, GoCanvas is a sizeable company with locations in the US, Canada, Australia, and South Africa. Its annual recurring revenue (ARR) growth is around 20 percent, with an ARR of USD 67 million.
Bluebeam + GoCanvas
The Nemetschek Group looks to leverage Bluebeam with synergistic plans for GoCanvas to extend value to the field workers in the AEC/O industries.
“GoCanvas is a great fit and a perfect complement to our existing solution portfolio in the Build segment and therefore represents a valuable addition to our expertise in covering the complete AEC/O life cycle,” says Yves Padrines, CEO of the Nemetschek Group. “Adding the powerful solutions of GoCanvas gives us a strong competitive edge while opening access to a rapidly growing market for field workforces in construction and other adjacent verticals.”
Viyas Sundaram, GoCanvas CEO, adds: “We are thrilled to join the Nemetschek Group as we continue our mission to simplify inspections and digitize paper-based processes. This partnership will accelerate our growth and development, allowing us to offer our solutions to a wider range of customers. Together, we will support them in safeguarding their people, protecting their assets, and delivering exceptional quality.”
“We are very much looking forward to welcoming the GoCanvas team to the Nemetschek family,” adds Usman Shuja, Chief Division Officer of the Build & Construct Division and CEO of Bluebeam Inc. “GoCanvas extends the simplicity and delightful user experience that Bluebeam and 123OnSite users value. I am excited to expand our latest innovations to the field worker. Our customers will significantly benefit from this combined power, as we are now able to provide a comprehensive offering with the most advanced and sustainable functionalities possible.”
Details
GoCanvas’s growth is expected to stay at around 20 percent for the next several years, with an increase in operational leverage, synergies and economies of scale once inside the Nemetschek Group. The purchase price represents a 2023 ARR multiple of around 11.5x based on the 2023 ARR.
Nemetschek will finance this acquisition with its own cash resources and existing credit facilities. The acquisition is expected to close in the summer of 2024 and is subject to customary regulatory approval and closing conditions. Until the transaction closes, each company will continue to operate independently. Upon closing, the CEO of GoCanvas, Viyas Sundaram, and his team will join the Nemetschek Group. More details related to the transaction will be disclosed after closing of the acquisition.
To learn more about GoCanvas, go here.
