Autodesk buys BuildingConnected for $275 million
Autodesk on Thursday announced plans to acquire BuildingConnected for $275 million in a effort to bolster its construction technology offering.
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BuildingConnected makes a bid management platform that generates project-specific risk mitigation recommendations based on subcontractor qualification data. The software is meant to help contractors efficiently vet and make more informed decisions when selecting subcontractors.
In addition to the portfolio boost, Autodesk is also eying BuildingConnected's network of more than 700,000 construction professionals as an opportunity to create digital marketplace for construction goods and services.
More broadly, the acquisition is part of Autodesk's push into the $10 trillion construction industry. Last month the company made its largest purchase ever, shelling out $875 million to buy construction software firm PlanGrid. With that deal, which closed today, Autodesk is planning to integrate workflows between PlanGrid's software and both Autodesk Revit software and the Autodesk BIM 360 construction management platform. PlanGrid also has a third-party ecosystem that's complementary to Autodesk's.
Autodesk CEO Andrew Anagnost said the company's goal is to connect construction processes across design, build and operations.
"We are investing in digitizing and automating construction workflows," said Anagnost. "BuildingConnected, along with Autodesk BIM 360, Revit, AutoCAD, and our acquisitions of PlanGrid and Assemble Systems, gives us a comprehensive construction offering and go-to-market capabilities. We look forward to integrating our recent acquisitions and making construction Autodesk's next billion-dollar business."
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