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**Companies Seek to Build a Digital Marketplace for the Global Construction Sector**
[Image description: A vibrant illustration showing interconnected nodes representing different stakeholders in the construction industry, all linked through a digital platform.]
SAN RAFAEL, CA, January 23, 2019 – **Autodesk, Inc.** (NASDAQ: ADSK) has officially wrapped up its acquisition of **BuildingConnected**, a prominent preconstruction platform, for $275 million after accounting for cash acquired. The transaction was fully funded by Autodesk's existing cash reserves.
BuildingConnected stands as the largest and most active digital hub within the construction industry, boasting a user base of 700,000 construction professionals. It streamlines the bidding process and enhances communication, making it simpler and faster to identify, qualify, and select suitable subcontractors or seize the right project opportunities. Owners and general contractors leverage BuildingConnected to oversee the entire bidding, qualification, and bid evaluation process from a single centralized location. Meanwhile, subcontractors and suppliers can efficiently manage their opportunities and secure more contracts.
“BuildingConnected’s bid management and risk analysis solutions empower contractors to match the right talent with the right projects,†noted Dustin DeVan, CEO and co-founder of BuildingConnected. “By joining forces with Autodesk, we can provide contractors with an unprecedented seamless transition from preconstruction to project completion.â€
“Increased transparency, better collaboration, and a more efficient bidding process are key to executing complex construction projects,†stated Jim Lynch, Vice President and General Manager of Autodesk Construction Solutions. “Our customers are demanding advanced digital tools that enhance their confidence in data, enable smarter work practices, and facilitate connectivity throughout the project lifecycle. Through BuildingConnected’s robust network, customers now have access to a superior digital toolkit that improves data precision, reduces ambiguity, and fosters stronger subcontractor relationships.â€
Andrew Anagnost, CEO of Autodesk, added, “With the acquisition of BuildingConnected, we now possess a formidable suite of tools to drive the technological evolution of the construction sector. Moving forward, our focus shifts toward integrating these solutions and delivering them to both existing and future customers.â€
Brasfield & Gorrie, one of the country’s largest privately held construction firms, provides general contracting, design-build, and construction management services. Chris Kramer, CIO of Brasfield & Gorrie, remarked, “The construction industry is rapidly transforming as new technologies, materials, and methods become mainstream. We welcome innovative technologies as part of our commitment to delivering top-tier quality, value, and experiences throughout a project’s lifespan. Our partnerships with BuildingConnected and Autodesk are pivotal since they are driving the boundaries of construction tech forward, and we’re thrilled they’ll soon unite to make it even easier for general contractors, subcontractors, and owners to connect early in a project.â€
Autodesk intends to integrate BuildingConnected’s workflows with Autodesk BIM 360, Revit, AutoCAD, PlanGrid, and Assemble Systems to offer a holistic construction solution covering every stage 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 impact Autodesk’s Q4 and fiscal year 2019 guidance issued on November 20, 2018. For fiscal 2020, Autodesk anticipates a negligible revenue and ARR boost from BuildingConnected but foresees a slight negative effect on profitability and cash flow. Despite this, the company remains committed to achieving its free cash flow goals for the year.
**Forward-Looking Statements**
This press release includes forward-looking statements that carry inherent risks and uncertainties. These statements pertain to: the acquisition’s impact on Autodesk’s previously issued guidance and business performance; the effects of the transaction on the products, services, customers, and partners of both companies; Autodesk’s plans to optimize construction workflows and establish a digital marketplace for the global construction sector; and its expectations regarding the success of its construction business.
Factors that might lead to differing outcomes include: Autodesk’s capability to smoothly integrate BuildingConnected; whether the construction industry expands as projected; competitive dynamics within the construction space and how the industry responds to the acquisition; the success of new product development or modifications to existing ones and their market adoption; general economic and business conditions; and unforeseen impacts related to acquisition accounting.
For additional insights into these risks, refer to Autodesk’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, filed with the U.S. Securities and Exchange Commission. Autodesk disclaims any responsibility to update these forward-looking statements to reflect events or circumstances occurring after the dates they were made.
For more information, visit the Autodesk Newsroom.
**About BuildingConnected**
BuildingConnected is a leading preconstruction platform that helps real estate owners and general contractors hire qualified contractors for their projects. Its mission is to connect every player in the $10 trillion construction industry and elevate the livelihoods, careers, 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 contributing to urban growth and fostering community connections.
**About Autodesk**
Autodesk creates software for creators who build the world around us. If you’ve ever driven a high-performance vehicle, marveled at a skyscraper, used a smartphone, or enjoyed a great film, chances are you’ve encountered the work of millions of Autodesk users. Autodesk empowers you to create 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 owners. Autodesk reserves the right to modify product and service offerings, specifications, and pricing without prior notice.*
*© 2019 Autodesk, Inc. All rights reserved.*