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 as of now for the long term essentials.” 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 we all know that nowadays designing and making converge, Autodesk is also playing a major role in connecting project data from design with the help of a construction and putting up all the predictive aspects and insights into the hand of contractors,” Andrew Anagnost, chief executive officer of Autodesk, said in a statement. “There is a huge opportunity to gather all the streamline for all aspects of construction with the help of an automation and digitization. The acquisition of PlanGrid will also going to help in accelerate our efforts to improve construction workflows for each and every stakeholder in the process of construction”.
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.