**Companies Aim to Build a Digital Marketplace for the Global Construction Industry**
[Image description: A group of construction professionals gathered around a table, reviewing blueprints and discussing plans.]
SAN RAFAEL, CA, January 23, 2019 – **Autodesk, Inc.** (NASDAQ: ADSK) has officially completed its acquisition of **BuildingConnected**, a top-tier preconstruction platform, for $275 million after accounting for cash acquired. The transaction was fully funded by Autodesk's existing cash reserves.
BuildingConnected stands out as the largest and most active digital network in the construction sector, boasting over 700,000 construction professionals actively using the platform. Its centralized bid management system streamlines communication, making it easier and faster to identify, qualify, and select the right subcontractors or seize the perfect project opportunities. Owners and general contractors leverage BuildingConnected to oversee the entire bidding, qualification, and evaluation process from a single, unified interface. Meanwhile, subcontractors and suppliers can efficiently manage their leads and secure more work.
Dustin DeVan, CEO and co-founder of BuildingConnected, expressed excitement about the merger: "By combining our bid management and risk analysis tools with Autodesk’s extensive reach, we can provide contractors with a seamless journey from preconstruction to project completion—a capability that didn’t previously exist."
Jim Lynch, Vice President and General Manager of Autodesk Construction Solutions, echoed this sentiment: "Increased transparency, enhanced collaboration, and an efficient bidding process are crucial for executing complex construction projects. Our customers demand cutting-edge digital solutions that bolster their confidence in data, enable smarter workflows, and foster connections throughout the project lifecycle. With the robust BuildingConnected network, we’re giving customers access to a more advanced digital toolkit that ensures greater data precision, reduces ambiguity, and strengthens subcontractor relationships."
Andrew Anagnost, CEO of Autodesk, added: "The acquisition of BuildingConnected solidifies our position as a leader in driving technological innovation within the construction industry. This marks a shift from simply acquiring industry-leading tech companies to integrating these solutions into our offerings for both current and future customers."
Brasfield & Gorrie, one of the largest privately-held construction firms in the U.S., has also expressed support for the merger. Chris Kramer, CIO of Brasfield & Gorrie, noted: "As technology continues to reshape the construction landscape, embracing forward-thinking innovations is key to delivering superior value to our clients. We’re thrilled that BuildingConnected and Autodesk are joining forces, as this will simplify connections between general contractors, subcontractors, and project owners right from the initial stages of a project."
Autodesk intends to integrate BuildingConnected’s workflows with platforms like **BIM 360**, **Revit**, and **AutoCAD**, along with **PlanGrid** and **Assemble Systems**, to deliver a holistic construction solution covering every step of the project lifecycle. For further details on the BuildingConnected acquisition, refer to the accompanying FAQ.
**Business Outlook and Terms**
This acquisition won’t significantly affect Autodesk’s guidance for Q4 and FY 2019, issued on November 20, 2018. For FY 2020, Autodesk anticipates a negligible revenue and ARR boost from BuildingConnected, though there will be a slight negative impact on profitability and cash flow. Despite the transaction, Autodesk remains committed to achieving its free cash flow goals for the year.
**Safe Harbor Statement**
This press release includes forward-looking statements that carry inherent risks and uncertainties. These include predictions about the acquisition’s effect on Autodesk’s previously issued guidance, business performance, product and service capabilities, customer and partner relations, plans to optimize construction workflows, and expectations regarding the success of Autodesk’s construction initiatives.
Factors that might lead to differing outcomes include Autodesk’s ability to seamlessly integrate BuildingConnected, the pace at which the construction industry adopts new technologies, competitive responses to the acquisition, product development successes, general economic trends, and unforeseen accounting impacts related to the deal.
For additional context, refer to Autodesk’s Annual Report on Form 10-K for the fiscal year ending January 31, 2018, and subsequent Quarterly Reports on Form 10-Q for fiscal quarters ending April 30, 2018, July 31, 2018, and October 31, 2018, all filed with the U.S. Securities and Exchange Commission. Autodesk does not commit to updating these forward-looking statements to reflect events occurring after their issuance.
For more insights, check out the Autodesk Newsroom.
**About BuildingConnected**
BuildingConnected is a pioneering preconstruction platform that connects real estate owners and general contractors with qualified subcontractors for their projects. Their mission is to unite every player in the $10 trillion construction industry while enhancing the livelihoods of millions of construction professionals globally. From iconic venues like the Golden State Warriors’ arena to community facilities such as schools and hospitals, BuildingConnected’s tools are helping shape cities and bring communities closer together.
**About Autodesk**
Autodesk empowers creators of all kinds—whether you’re behind a high-performance car, a towering skyscraper, a smartphone, or a great film, chances are you’ve benefited from Autodesk’s software. The company equips users with the tools to bring their visions to life.
All product and service names mentioned are either trademarks or registered trademarks of their respective owners. Autodesk retains the right to modify product features, pricing, and specifications without prior notice.
© 2019 Autodesk, Inc. All rights reserved.
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