Companies Aim to Build a Digital Marketplace for the Global Construction Industry
SAN RAFAEL, CA — On January 23, 2019, Autodesk, Inc. (NASDAQ: ADSK) announced the completion of its acquisition of BuildingConnected, a leading preconstruction platform, for $275 million in cash. The deal was funded using Autodesk’s existing cash reserves, marking another strategic move in the company's efforts to transform the construction industry through digital innovation.
BuildingConnected has become the largest and most active digital network in the construction sector, connecting over 700,000 professionals. The platform streamlines the bidding process, enhances communication, and makes it easier for general contractors and owners to find, qualify, and select the right subcontractors or respond to project opportunities. It serves as a centralized hub that simplifies the entire preconstruction workflow.
"BuildingConnected’s bid management and risk analysis tools empower contractors to connect with the right people for their projects," said Dustin DeVan, CEO and co-founder of BuildingConnected. "By joining forces with Autodesk, we’re creating a seamless flow from preconstruction all the way through to project completion—something that hasn’t been possible before."
Jim Lynch, Vice President and General Manager of Autodesk Construction Solutions, added, "Transparency, collaboration, and efficiency are key when managing complex construction projects. Our customers are looking for advanced digital solutions that help them make smarter decisions, reduce uncertainty, and improve productivity. With BuildingConnected, they now have a more powerful toolset to support these goals."
Autodesk CEO Andrew Anagnost emphasized the long-term vision behind the acquisition: "This is just the beginning. We're moving from acquiring top construction tech companies to integrating them into our broader ecosystem. This will allow us to deliver even more value to our customers and drive meaningful change across the industry."
Brasfield & Gorrie, one of the nation’s largest privately held construction firms, praised the partnership. Chris Kramer, CIO of Brasfield & Gorrie, said, "The construction industry is evolving rapidly, and we’re committed to adopting cutting-edge technologies that enhance project outcomes. We believe the integration of BuildingConnected and Autodesk will make it easier for everyone involved in a project to connect early on, improving efficiency and results."
Going forward, Autodesk plans to integrate BuildingConnected with its suite of construction tools, including BIM 360, Revit, AutoCAD, PlanGrid, and Assemble Systems. This integration aims to provide a comprehensive digital solution that supports every stage of a construction project—from design and planning to execution and maintenance.
Business Outlook and Terms
The acquisition is not expected to significantly impact Autodesk’s fourth-quarter or full-year 2019 financial guidance. For fiscal year 2020, the company anticipates a minimal revenue and Annualized Recurring Revenue (ARR) benefit from BuildingConnected, with a slight dilutive effect on profitability and cash flow. However, Autodesk remains committed to its free cash flow goals for the year.
Safe Harbor Statement
This press release includes forward-looking statements that involve risks and uncertainties. These statements relate to the potential impact of the acquisition on Autodesk’s financial guidance, business performance, product capabilities, and customer relationships. Actual results could differ due to various factors, including the success of the integration, market conditions, competition, and other unforeseen challenges.
For more information about the risks associated with Autodesk’s business, please refer to the company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
For more details about this acquisition, visit the Autodesk Newsroom.
About BuildingConnected
BuildingConnected is a leading preconstruction platform designed to help real estate owners and general contractors find qualified subcontractors for their projects. Its mission is to connect all businesses within the $10 trillion global construction industry and improve the lives and relationships of millions of construction professionals worldwide. From major sports venues to local schools and hospitals, BuildingConnected’s tools are helping cities grow and communities thrive.
About Autodesk
Autodesk develops software that empowers people to create and innovate. Whether you're driving a high-performance car, admiring a skyscraper, using a smartphone, or watching a movie, you’ve likely experienced the impact of Autodesk’s tools. With our software, the possibilities are endless.
Autodesk, AutoCAD, BIM 360, and Revit are registered trademarks of Autodesk, Inc., and/or its subsidiaries and affiliates in the U.S. and other countries. All other brand names, product names, or trademarks belong to their respective holders. Autodesk reserves the right to change product offerings, specifications, and pricing at any time without notice and is not responsible for typographical or graphical errors in this document.
© 2019 Autodesk, Inc. All rights reserved.
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