**Companies Eye Creation of a Digital Marketplace for the Global Construction Sector**
SAN RAFAEL, CA, January 23, 2019 – **Autodesk, Inc.** (NASDAQ: ADSK) has successfully wrapped up its acquisition of **BuildingConnected**, a top preconstruction platform, for $275 million, net of acquired cash. The transaction was financed using Autodesk's existing cash reserves.
BuildingConnected stands as the largest and most active digital network within the construction industry, boasting 700,000 construction professionals utilizing its platform. It streamlines the bid management process and enhances communication, making it easier for construction firms to identify, qualify, and select the right subcontractors or seize the right project opportunities swiftly. Both property owners and general contractors rely on BuildingConnected to oversee the entire bidding, qualification, and evaluation process from a single centralized hub, while subcontractors and suppliers can manage their opportunities to secure more work.
“BuildingConnected’s bid management and risk analysis tools allow contractors to find the perfect fit for each project, giving Autodesk a unique chance to tap into a powerful construction network,†stated Dustin DeVan, CEO and co-founder of BuildingConnected. “By joining forces, we can provide contractors with a seamless workflow from preconstruction through project completion—a capability never before available.â€
“Increased transparency, improved collaboration, and an efficient bidding process are vital for executing complex construction projects. Our clients are demanding advanced digital solutions and preconstruction processes that enhance their data reliability, enable smarter work practices, and ensure connectivity across the entire project lifecycle,†said Jim Lynch, Vice President and General Manager of Autodesk Construction Solutions. “The robust BuildingConnected network empowers our customers with an enhanced digital toolkit that boosts data accuracy, reduces uncertainty, and offers a more effective method to boost productivity while strengthening subcontractor relationships.â€
“With the acquisition of BuildingConnected, we now have a strong portfolio aimed at driving the technological transformation of the construction sector,†remarked Andrew Anagnost, Autodesk CEO. “This phase marks a shift from merely acquiring leading construction tech companies to integrating these solutions and making them accessible to our current and future customers.â€
Brasfield & Gorrie, one of the largest privately owned construction firms in the U.S., offering general contracting, design-build, and construction management services, is excited about the partnership. Chris Kramer, Chief Information Officer of Brasfield & Gorrie, commented: “The construction industry is evolving rapidly due to new technologies, materials, and methods becoming standard practice. We embrace innovative, cutting-edge technologies as part of our commitment to providing clients with the highest quality, value, and overall experience throughout the project lifecycle. We value our collaborations with both BuildingConnected and Autodesk since they are pushing the boundaries of construction technology, and we're thrilled they're coming together to make it even simpler for general contractors, subcontractors, and property owners to connect during the early stages of a project.â€
Autodesk plans to integrate workflows between BuildingConnected, Autodesk BIM 360, Revit, AutoCAD, PlanGrid, and Assemble Systems to deliver a comprehensive construction offering that covers all critical processes and workflows from project inception to completion. For further details on the BuildingConnected acquisition, refer to the accompanying FAQ.
**Business Outlook and Terms**
This acquisition will not significantly impact Autodesk’s fourth-quarter and fiscal-year 2019 guidance issued on November 20, 2018. For fiscal year 2020, Autodesk anticipates a negligible revenue and Annualized Recurring Revenue (ARR) contribution from BuildingConnected, with a slight dilution effect on profitability and cash flow. Despite this, the company 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 statements cover areas such as: the impact of the acquisition on Autodesk’s previously issued guidance and business performance; how the transaction affects Autodesk’s and BuildingConnected’s product and service capabilities, customers, and partners; Autodesk’s intentions to enhance construction workflows and establish a digital marketplace for the global construction sector; and the company’s expectations regarding the success of its construction business.
Factors that could lead to actual outcomes differing materially include: Autodesk’s capacity to smoothly integrate BuildingConnected’s operations; whether the construction industry expands as expected; the competitive landscape in construction and how competitors respond to the acquisition; Autodesk and BuildingConnected’s success in developing new products or improving existing ones and the extent to which these innovations gain market traction; general market and economic conditions; and unforeseen impacts related to accounting for acquisitions.
For a deeper understanding of potential elements influencing Autodesk’s financial results, consult the company’s Annual Report on Form 10-K for the fiscal year ending January 31, 2018, and its Quarterly Reports on Form 10-Q for the fiscal quarters ending April 30, 2018, July 31, 2018, and October 31, 2018, all of which are available with the U.S. Securities and Exchange Commission. Autodesk does not undertake any responsibility to update these forward-looking statements to reflect events occurring or circumstances existing after the dates they were made.
For additional information, visit the Autodesk Newsroom.
**About BuildingConnected**
BuildingConnected is a premier preconstruction platform designed to help real estate owners and general contractors hire qualified contractors for their projects. Its mission is to link every business within the $10 trillion construction industry and bolster the livelihoods, jobs, and relationships of millions of construction professionals globally. Whether it’s the new arenas for the Golden State Warriors and Los Angeles Rams or local schools and hospitals, BuildingConnected’s tools are instrumental in city growth and community building.
**About Autodesk**
Autodesk creates software for those who create. If you’ve ever driven a high-performance vehicle, marveled at a towering skyscraper, used a smartphone, or enjoyed a great film, there’s a good chance you’ve encountered what millions of Autodesk customers achieve with our software. Autodesk empowers you to make anything.
*Autodesk, AutoCAD, BIM 360, and Revit are registered trademarks of Autodesk, Inc., and/or its subsidiaries and affiliates in the USA and/or other countries. All other brand names, product names, or trademarks belong to their respective holders. Autodesk retains the right to modify product and service offerings, specifications, and pricing anytime without prior notice and assumes no liability for typographical or graphical errors appearing in this document.*
*© 2019 Autodesk, Inc. All rights reserved.*
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