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**Companies Set Out to Build 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 cash acquired. The deal was funded entirely using Autodesk's existing cash reserves.
BuildingConnected stands out as the largest and most active digital network within the construction industry, boasting over 700,000 construction professionals actively utilizing its platform. By streamlining the bidding management process and enhancing communication, BuildingConnected makes it simple and efficient to find, qualify, and select the right subcontractors or seize the best project opportunities. Both project owners and general contractors can now oversee the entire bidding, qualification, and evaluation process from a single centralized hub. Meanwhile, subcontractors and vendors can manage their opportunities effectively, boosting their chances of securing more work.
According to Dustin DeVan, CEO and co-founder of BuildingConnected, "Our bid management and risk analysis solutions empower contractors to connect with the right talent for the right project. This partnership with Autodesk opens up exciting possibilities to leverage a powerful construction network." He added, "Together, we're creating an unprecedented seamless flow from preconstruction to project completion."
Jim Lynch, Vice President and General Manager of Autodesk Construction Solutions, echoed these sentiments: "The construction industry demands greater transparency, better collaboration, and a more efficient bidding process to handle complex projects effectively. Our customers expect advanced digital solutions that enhance their confidence in data, encourage smarter working practices, and ensure connectivity across the entire project lifecycle. With the robust BuildingConnected network, our customers now have access to a superior digital toolkit that boosts data accuracy, reduces uncertainties, and fosters stronger subcontractor relationships."
Andrew Anagnost, CEO of Autodesk, expressed optimism about the future: "With the acquisition of BuildingConnected, we've established a solid portfolio to drive technological innovation in the construction sector. Moving forward, our focus will shift from acquiring leading construction tech companies to seamlessly integrating these solutions and making them accessible to both our current and future clients."
Brasfield & Gorrie, one of the largest privately-held construction firms in the U.S., is already seeing the benefits. Chris Kramer, CIO of Brasfield & Gorrie, noted: "The construction landscape is rapidly evolving due to new technologies, materials, and methods becoming standard practice. Embracing cutting-edge innovations is crucial to delivering exceptional value to our clients throughout the project lifespan. We're thrilled that BuildingConnected and Autodesk are joining forces, making it easier than ever for general contractors, subcontractors, and owners to connect during the initial stages of a project."
Autodesk plans to integrate BuildingConnected with its existing platforms like **BIM 360**, **Revit**, **AutoCAD**, **PlanGrid**, and **Assemble Systems**. This integration aims to deliver a comprehensive construction solution addressing critical processes and workflows across the entire project lifecycle, from inception to completion. For more details on the BuildingConnected acquisition, check out the accompanying FAQ.
**Business Outlook and Terms**
This acquisition won't significantly impact Autodesk's fourth-quarter and fiscal year 2019 guidance, issued on November 20, 2018. For fiscal year 2020, Autodesk anticipates a minor revenue and ARR boost from BuildingConnected, with a slight negative effect on profitability and cash flow. Despite the transaction, Autodesk remains committed to achieving its free cash flow goals for the year.
**Forward-Looking Statements**
This press release includes forward-looking statements that involve inherent risks and uncertainties. These statements cover aspects such as the acquisition's influence on Autodesk's previously issued guidance, business performance, product and service capabilities, customer and partner relations, Autodesk's strategy to improve construction workflows and build a global digital marketplace, and expectations regarding the success of its construction business.
Potential factors that could lead to different outcomes include Autodesk's ability to smoothly integrate BuildingConnected's operations, the growth trajectory of the construction industry, competitive dynamics, product development success, market acceptance, general economic conditions, and unforeseen impacts from acquisition accounting.
For further details, refer to Autodesk's Annual Report on Form 10-K for the fiscal year ended January 31, 2018, and Quarterly Reports on Form 10-Q for the fiscal quarters ended April 30, 2018, July 31, 2018, and October 31, 2018, all filed with the U.S. Securities and Exchange Commission. Autodesk does not undertake any obligation to update these forward-looking statements.
For additional insights, visit the Autodesk Newsroom.
**About BuildingConnected**
BuildingConnected is a premier preconstruction platform connecting real estate owners and general contractors with qualified contractors. Its mission is to unite every player in the $10 trillion construction industry while improving the lives, jobs, and relationships of millions of construction professionals globally. Projects like the new arenas for the Golden State Warriors and Los Angeles Rams, along with countless local schools and hospitals, showcase BuildingConnected's role in fostering community growth.
**About Autodesk**
Autodesk creates software for creators—people who bring ideas to life. Whether it’s a high-performance car, a towering skyscraper, a sleek smartphone, or a blockbuster movie, millions of Autodesk users rely on its tools daily. With Autodesk, the possibilities are endless.
© 2019 Autodesk, Inc. All rights reserved.