Just yuri 1.15
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“It’s a super-critical glue that connects the industry,” Anagnost says.īut the acquisitions also speak to an increasingly competitive race to take market share in the fast-growing category of construction tech.
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And Autodesk’s strength internationally should help both startups expand outside North America.įor Autodesk, the acquisition could also help unlock a new layer of customers, the subcontractors, who typically use its software through the contractors, not of their own initiative. So why join the $28-billion-market-cap giant?īuildingConnected’s CEO says the combined products (he once worked at a construction company with PlanGrid CEO Tracy Young) “gives the industry the best hope of moving toward industrialization of construction.” To make its network fully valuable, BuildingConnected needs more data, DeVan says, data available in Autodesk’s network. Like PlanGrid, BuildingConnected and its founders will be joining a construction software unit led by Autodesk’s Jim Lynch, but the startup isn’t big enough to materially impact Autodesk’s financials, at least for now. Of course, some might question why DeVan would sell while his business was growing fast. We should continue to operate and build out this network.” It’s a milestone in what BuildingConnected will become. “Tomorrow we are going to be celebrating,” says DeVan, “but this isn’t the end of the journey for us. BuildingConnected had raised $53 million from investors including strategic Brookfield Ventures and firms Bee Partners, Brick & Mortar Ventures, Crosslink Capital, Freestyle Capital, Homebrew and Lightspeed Venture Partners. The startup’s sale to Autodesk will mean a windfall for BuildingConnected’s team and its venture capital investors, who invested at less than the price tag of $275 million, not including the startup’s remaining cash. Autodesk CEO Andrew Anagnost has now bought two construction tech startups in about a month.