On December 20, 2018, Autodesk made a significant announcement: they had entered into an agreement to acquire BuildingConnected, a prominent preconstruction platform, for $275 million after accounting for acquired cash. The deal was officially closed on January 23, 2019. With this acquisition, Autodesk is enhancing its construction portfolio by adding essential preconstruction solutions such as bid management and risk analysis. Additionally, BuildingConnected's vast network opens up possibilities for creating a robust digital marketplace for construction goods and services.
Autodesk is heavily invested in digitizing and automating construction workflows to boost collaboration, improve quality, ensure safety, and increase productivity. Their vision is to connect construction processes across design, build, and operation stages. By combining the strengths of BuildingConnected with existing offerings like BIM 360, Revit, AutoCAD, and recent acquisitions such as PlanGrid and Assemble Systems, Autodesk now has a comprehensive construction solution addressing critical processes and workflows throughout the project lifecycle. This move positions them well to contribute significantly to what could become their next billion-dollar business segment.
BuildingConnected specializes in providing preconstruction software tools tailored for owners, general contractors, and subcontractors alike. These tools aim at streamlining operations while fostering efficient communication among stakeholders involved in construction projects. The company boasts approximately 180 employees, most of whom are dedicated to research and development, sales, and marketing efforts.
Founded in 2012 and headquartered in San Francisco, BuildingConnected focuses on enhancing the lives and work experiences of millions of construction professionals globally through user-friendly products designed to optimize the preconstruction phase. Its executive leadership comprises Dustin DeVan, serving as both CEO and co-founder, alongside Jesse Pederson who holds the title of Chief Technology Officer and also serves as a co-founder.
The client base of BuildingConnected spans over 700,000 construction professionals worldwide. Major clients include industry giants like Turner Construction, McCarthy, Mortenson, StructureTone, Skanska, Clark Construction, Ryan Companies, and AECOM. These partnerships underscore BuildingConnected’s position as the largest and fastest-growing digital network within the construction sector.
Autodesk’s decision to acquire BuildingConnected aligns perfectly with its strategy to enhance construction productivity and streamline information exchange across various project teams. Key reasons behind this acquisition include filling gaps in Autodesk’s current tech stack regarding construction bid management platforms, leveraging BuildingConnected’s extensive network of industry professionals, and fostering connections within the construction supply chain. Furthermore, BuildingConnected brings valuable expertise in cloud-based innovation and supplementary tools aiding subcontractors in managing bids effectively.
Integration plans involve bringing BuildingConnected under the umbrella of Autodesk’s Construction Solutions division led by Jim Lynch. Post-acquisition, the entire team, including sales and marketing departments, will remain under Dustin DeVan’s leadership. Product integration strategies focus on enabling general contractors to incorporate BuildingConnected bid packages seamlessly with data from BIM 360, PlanGrid, Assemble, and Revit. Subcontractors will similarly gain access to bid documents via integrated BIM 360, PlanGrid, and Forge technologies.
There is no functional overlap between BuildingConnected and BIM 360; instead, they complement each other. While BuildingConnected excels in preconstruction phases by facilitating rapid yet thorough evaluations of potential subcontractors based on criteria such as safety records and historical performances, BIM 360 focuses on real-time connectivity across different stages of design and construction, ensuring smooth collaboration and effective project management.
BIM 360 continues to perform admirably, demonstrating strong growth and validating Autodesk’s mission to revolutionize construction practices through digital transformation. Commitment remains unwavering towards advancing BIM 360 functionalities while integrating BuildingConnected features to offer even broader construction workflow solutions.
For those interested in learning more about this acquisition, detailed updates can be found in Autodesk’s official newsroom section or accessed directly through their investor relations portal. Media queries should be directed to Taylor Long at Corporate Communications, while financial inquiries may reach out to Abhey Lamba at Investor Relations.
This acquisition represents just one step in Autodesk’s broader strategy to reshape the future of construction technology. By leveraging synergies between newly acquired entities and existing platforms, Autodesk aims not only to meet but exceed expectations set forth by today’s demanding construction environment.
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