Autodesk Completes PlanGrid Acquisition
Companies Are Working to Boost Construction Productivity SAN RAFAEL, CA, DEC 20, 2018 — Autodesk, Inc. (NASDAQ: ADSK) has finalized the acquisition of PlanGrid, a top provider of construction productivity tools, for $875 million, net of cash. The deal was funded through a mix of existing cash reserves and a short-term loan. Autodesk and PlanGrid have long been known for their complementary construction software solutions. Autodesk’s BIM 360 platform helps manage construction projects by connecting teams, data, and workflows throughout the project lifecycle. Meanwhile, PlanGrid offers real-time access to plans, punch lists, reports, and more, helping contractors streamline daily operations. “PlanGrid has done an incredible job building a product lineup that meets the needs of how teams use critical documentation in construction,†said Andrew Anagnost, CEO of Autodesk. “We’re thrilled to bring the PlanGrid team and their clients into the Autodesk family. By combining our strengths, we can deliver immediate value to customers and help them embrace new, innovative ways of working with better technology.†Autodesk is now working on integrating PlanGrid’s tools with its Revit and BIM 360 platforms to ensure seamless information sharing across all project stakeholders. For more details, check out the PlanGrid FAQ and video resources. Customer Insights DPR Construction, a leader in complex and sustainable projects, shared their thoughts on the acquisition. Atul Khanzode, CTO at DPR, noted, “One of the biggest issues in construction is managing data flow—getting accurate info to the right people at the right time. This acquisition will improve how we share data, leading to higher productivity and predictability.†Clayco, a design-build firm known for its innovative solutions, also expressed enthusiasm. Bob Clark, founder and CEO, said, “Relying on paper documents can lead to delays. That’s why we use BIM 360 and PlanGrid to digitize every step of the process. This acquisition brings two powerful tools together, which should enhance collaboration from concept to handover.†Financial Outlook The acquisition closed on December 19, 2018, so only a partial quarter of PlanGrid’s results will be included in Autodesk’s fourth quarter of fiscal 2019. As a result, the company expects a small revenue contribution and a modest negative impact on profitability and cash flow for that quarter. For fiscal 2020, PlanGrid is expected to add around $100 million in annual recurring revenue and be slightly dilutive to earnings and cash flow. Despite this, Autodesk remains committed to its free cash flow goals for the year. Autodesk also announced its intent to acquire BuildingConnected, as detailed in a separate press release. Forward-Looking Statements This press release includes forward-looking statements involving risks and uncertainties. These include the impact of the acquisition on Autodesk’s guidance, the effect on product capabilities, and future improvements in construction workflows. Risks that could affect actual results include Autodesk’s ability to integrate PlanGrid, potential costs, industry growth expectations, competition, market acceptance of new products, and other factors. More details are available in Autodesk’s SEC filings. About PlanGrid PlanGrid develops intuitive software that construction teams love using. Its mobile-first approach allows contractors, architects, and owners to access real-time data, collaborate in the field, and make informed decisions. With over one million projects in 90 countries, PlanGrid is used across commercial and heavy civil industries. Founded in 2011, it has received backing from top investors like YCombinator and Sequoia Capital. About Autodesk Autodesk creates software for people who build, design, and innovate. From cars to skyscrapers, smartphones to films, millions of users rely on Autodesk tools to bring their ideas to life. Whether you're a designer, engineer, or creator, Autodesk empowers you to make anything. Autodesk, BIM 360, and Revit are registered trademarks of Autodesk, Inc., and/or its subsidiaries and affiliates in the U.S. and other countries. All other brand names, product names, or trademarks belong to their respective holders. Autodesk reserves the right to change product offerings, specifications, and pricing without notice and is not responsible for any typographical or graphical errors in this document. © 2018 Autodesk, Inc. All rights reserved. Laser used in medical field is the important high-tech medical technology in this century, laser medical treatment relates to all clinical disciplines, such as ophthalmology, dermatology, surgery, dentistry, oncology, cancer, etc. Laser has a breakthrough in medical treatment, and different wavelengths suit for different therapeutic areas. Lasers for Medical Treatment,Photodynamics Therapy,Laser for Ophthalmology,Laser Therapy Changchun New Industries Optoelectronics Technology Co., Ltd. , https://www.cnioptics.com