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Autodesk acquires construction productivity cloud software startup PlanGrid for $875 million
Design software company Autodesk Inc. today said it plans to acquire San Francisco-based construction productivity cloud software startup PlanGrid for $875 million.
Founded in 2011, PlanGrid provides cloud-based project management software that helps contractors, subcontractors and owners in commercial, heavy civil and other industries collaborate in real time.
PlanGrid’s software covers numerous phases of construction, allowing users to build an accurate history of every job site through “everyday use that creates a data-rich record set at turnover that is essential to long-term operations.” Claimed to be the first construction productivity software that allows contractors and owners in commercial, heavy civil and other industries to collaborate easily, the mobile-focused PlanGrid allows sharing and management of blueprints, specs, photos, field reports and punch lists at the point of construction.
PlanGrid said its software has been used on over one million projects and counts among its customers DPR, Granite, NVIDIA, Target Corp. and Tutor Perini.
“As designing and making converge, Autodesk is connecting project data from design through construction and putting predictive insights into the hands of contractors,” Andrew Anagnost, chief executive officer of Autodesk, said in a statement. “There is a huge opportunity to streamline all aspects of construction through digitization and automation. The acquisition of PlanGrid will accelerate our efforts to improve construction workflows for every stakeholder in the construction process.”
Autodesk is best known as a 3-D design software company with its longstanding design, drafting, detailing and visualization software AutoCAD long the market leader.
PlanGrid complements Autodesk’s current offerings in adding project management tools alongside Autodesk’s primary design software, which also includes machine learning and virtual reality tools.
Prior to its acquisition, PlanGrid had raised $69.1 million. Investors included Founders Fund, Y Combinator, S28 Capital, Tenaya Capital, Sequoia Capital, Northgate Capital, SV Angel, Sequoia Capital and ACE & Co.
Subject to regulatory approval, the deal is expected to close before Jan. 31.
Image: Autodesk
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