SAN RAFAEL, CA, DEC 20, 2018 — Autodesk, Inc. (NASDAQ: ADSK) has finalized the acquisition of PlanGrid, a top provider of construction software designed to enhance productivity, for $875 million, net of cash. The deal was financed using a mix of cash reserves and a short-term loan.

Autodesk and PlanGrid have long been known for their complementary tools in the construction industry. Autodesk’s BIM 360 platform is widely used to connect teams, data, and workflows across construction projects, enabling informed decisions throughout the entire project lifecycle. Meanwhile, PlanGrid offers real-time access to project plans, punch lists, daily reports, and more, helping contractors and owners streamline operations efficiently.

“PlanGrid has done an excellent job building a product lineup and market strategy that addresses how teams use critical documentation to simplify day-to-day tasks,” said Andrew Anagnost, CEO of Autodesk. “I’m thrilled to welcome the PlanGrid team and their clients into the Autodesk family. By combining our strengths, we can deliver immediate value to construction customers and help them adapt to new and innovative ways of working through advanced technology.”

Going forward, Autodesk plans to integrate PlanGrid’s tools with its Revit and BIM 360 platforms, ensuring seamless information sharing among all project stakeholders. For more details, check out the PlanGrid FAQ and video.

Customer Insights

DPR Construction, a leading commercial contractor focused on complex and sustainable projects, shared its thoughts on the acquisition. Atul Khanzode, CTO at DPR, said, “One of the biggest challenges in construction is managing data flow—ensuring the right people get the most up-to-date and accurate information at the right time. This acquisition will improve how we share information, which leads to better productivity and predictability.”

Clayco, a design-build firm ranked among the ENR Top 100, also expressed excitement about the integration. Bob Clark, founder and CEO of Clayco, noted, “When construction relies on paper-based processes, outdated documents can cause delays. We chose BIM 360 and PlanGrid to digitize every step of the process, improving speed, reducing risk, and boosting efficiency. This acquisition brings two powerful solutions together, which will encourage better collaboration from concept to handover.”

Financial Outlook

With the acquisition closing on December 19, 2018, only a portion of PlanGrid’s results will be included in Autodesk’s fiscal fourth quarter ending January 31, 2019. As a result, the company expects minimal revenue contribution and slight negative impact on profitability and cash flow during that period. For fiscal 2020, Autodesk anticipates PlanGrid to contribute approximately $100 million in annual recurring revenue, with a modest impact on profitability and cash flow. The company remains committed to its free cash flow goals for 2020.

In addition to the PlanGrid acquisition, Autodesk recently announced its intent to acquire BuildingConnected. More details can be found in the official press release.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. These statements relate to the impact of the acquisition on Autodesk’s guidance, business performance, product capabilities, customer experience, and plans to enhance construction workflows.

Factors that could affect actual results include Autodesk’s ability to successfully integrate PlanGrid, potential costs associated with the transaction, growth in the construction industry, competitive pressures, and the success of new or updated products. Additional information on these risks is available in Autodesk’s financial reports filed with the U.S. Securities and Exchange Commission.

About PlanGrid

PlanGrid develops user-friendly construction software that empowers teams to work more efficiently. Its mobile-first approach allows general contractors, subcontractors, and architects to access real-time data, collaborate in the field, and gain insights that drive better decision-making. With over one million projects managed globally, PlanGrid continues to lead in construction digitalization. Founded in 2011 and based in San Francisco, the company has received support from top venture capital firms like YCombinator and Sequoia Capital.

About Autodesk

Autodesk creates software for those who build and design. From skyscrapers to smartphones, millions of users rely on Autodesk’s tools to bring ideas to life. Whether you're designing a car, constructing a building, or producing a film, Autodesk gives you the power to make anything possible.

Autodesk, BIM 360, and Revit are registered trademarks of Autodesk, Inc., or its subsidiaries and affiliates in the USA and other countries. All other brand names, product names, or trademarks belong to their respective holders. Autodesk reserves the right to change product and service offerings, specifications, and pricing at any time without notice. It is not responsible for typographical or graphical errors that may appear in this document.

© 2018 Autodesk, Inc. All rights reserved.

 

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