Autodesk Completes PlanGrid Acquisition

SAN RAFAEL, CA, DEC 20, 2018 — Autodesk, Inc. (NASDAQ: ADSK) has completed the acquisition of PlanGrid, a leading provider of construction productivity software, for $875 million net of cash. The transaction was funded using a combination of cash on hand and a short-term loan.

Autodesk and PlanGrid have long been recognized for their complementary construction software solutions. Autodesk’s BIM 360 platform connects teams, data, and workflows across construction projects, enabling informed decision-making throughout the project lifecycle. PlanGrid, on the other hand, offers real-time access to project plans, punch lists, field reports, and more, helping general contractors, subcontractors, and owners streamline daily tasks and improve communication.

“PlanGrid has done an exceptional job building a product portfolio and go-to-market strategy that meets the needs of how project teams use critical documentation,” said Andrew Anagnost, CEO of Autodesk. “By combining our strengths, we can provide immediate benefits to construction customers and help them embrace new ways of working through technology that improves design, construction, and operations.”

Autodesk plans to integrate PlanGrid’s software with its Revit and BIM 360 platforms, creating a seamless flow of information among all project participants. This integration is expected to enhance collaboration and reduce inefficiencies in the construction process.

Customer Perspectives

DPR Construction, a leader in complex and sustainable commercial projects, shared their views on the acquisition. “One of the biggest challenges in construction is ensuring that the right information reaches the right people at the right time,” said Atul Khanzode, CTO at DPR. “This acquisition will improve information sharing, leading to better productivity and predictability. Using BIM 360 has already helped us plan more effectively, and now with PlanGrid, we can ensure everyone on site is working with the most up-to-date data.”

Clayco, a design-build firm known for innovative building solutions, also expressed enthusiasm. “When construction relies on paper-based processes, outdated documents can cause delays,” said Bob Clark, founder and CEO of Clayco. “We’ve chosen BIM 360 and PlanGrid to digitize every step of the process, reducing risk and increasing efficiency. This acquisition brings two strong solutions together, and I’m excited to see how they’ll work together to improve collaboration from concept to handover.”

Business Outlook

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

In addition to the PlanGrid acquisition, Autodesk also announced its intent to acquire BuildingConnected, further expanding its presence in the construction technology space.

Safe Harbor Statement

This press release contains forward-looking statements that involve risks and uncertainties, including statements about the impact of the acquisition on Autodesk’s guidance, business performance, and future plans. Actual results may differ due to various factors such as integration challenges, market conditions, competition, and other unforeseen events.

For more details on potential risks, please refer to Autodesk’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

About PlanGrid

PlanGrid develops intuitive software that construction teams love to use. Its mobile-first approach allows general contractors, subcontractors, and architects to access real-time project data, collaborate in the field, and make informed decisions. With over one million projects in use across 90 countries, PlanGrid is a trusted solution in commercial, heavy civil, and other industries. Founded in 2011 and based in San Francisco, the company has raised funding from top venture capital firms like YCombinator and Sequoia Capital.

About Autodesk

Autodesk creates software that empowers people to bring ideas to life. From skyscrapers to smartphones, millions of users rely on Autodesk’s tools to design, build, and create. Whether you're a designer, engineer, or artist, Autodesk gives you the power to make anything possible.

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

© 2018 Autodesk, Inc. All rights reserved.

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