Nemetschek Group (NEM.DE), a Munich, Germany-based global software solutions provider for the AEC/O and media industries, has announced the acquisition of GoCanvas Holdings, Inc., a Reston, VA-based company specializing in field worker collaboration software.
Key Highlights
Acquisition Details:
- Acquirer: Nemetschek Group
- Target: GoCanvas Holdings, Inc.
- Location: Munich, Germany (Nemetschek Group); Reston, VA (GoCanvas)
- Deal Value: Not disclosed
- Strategic Rationale:
- Strengthening US Position: Enhances Nemetschek’s presence in the US market.
- Expansion Opportunities: Facilitates GoCanvas’s expansion into Europe and Asia-Pacific.
About GoCanvas:
- Founded: 2008
- CEO: Viyas Sundaram
- Employees: Over 300
- Locations: US, Canada, Australia, South Africa
- Annual Recurring Revenue (ARR): USD 67 million in 2023
- ARR Growth: Around 20% in recent years
- Operating Margin: Below Nemetschek Group average in 2023, expected to improve through operational leverage, synergies, and economies of scale.
- Product Offering:
- Platform: Connects office and field workers, digitizing paper-based processes.
- Features: Simplifies inspections, improves safety, ensures compliance, and streamlines data collection.
- Benefits: Enhances team safety, equipment integrity, and operational efficiency through mobile and cloud solutions.
About Nemetschek Group:
- CEO: Yves Padrines
- Industry: AEC/O (Architecture, Engineering, Construction, and Operations) and media industries.
- Product Offering:
- Software Solutions: Cover the entire lifecycle of construction and infrastructure projects.
- Technologies: Emphasizes digital transformation, artificial intelligence, digital twins, and open standards (OPEN BIM).
- Customer Benefits: Enables efficient and sustainable planning, construction, and management of buildings and infrastructure. Supports creative development of digital content like visualizations, films, and games.
Financial and Transaction Details:
- Funding: Provided by Nemetschek’s own cash resources and existing credit facilities.
- Expected Closing: Summer 2024
- Conditions: Subject to customary regulatory approval and closing conditions.
- Post-Acquisition: GoCanvas will operate independently until the transaction closes. Upon closing, Viyas Sundaram and his team will join the Nemetschek Group.
This acquisition allows Nemetschek to bolster its offerings and market presence in the field worker collaboration space, while GoCanvas gains access to broader markets and enhanced growth opportunities under Nemetschek’s umbrella.
