Nemetschek Group (NEM.DE), a Munich, Germany-based global provider of software solutions for the AEC/O and media industries, is to acquire all shares in GoCanvas Holdings, Inc., a Reston, VA-based provider of field worker collaboration software.
The amount of the deal was not disclosed.
GoCanvas further strengthens Nemetschek Group’s positioning in the US while Nemetschek will provide GoCanvas the footprint to expand in Europe and Asia-Pacific.
Led by CEO Viyas Sundaram, GoCanvas provides a platform enabling businesses to connect their office and field workers. The solution aims to simplify inspections, digitize traditional paper-based processes, improve safety, and ensure maximum compliance with industry standards. Its mobile and cloud solutions are designed to streamline data collection from the field to the office, taking care of administrative tasks so customers can focus on ensuring the safety of their teams, maintaining the integrity of their equipment, and operating efficiently. The company was founded in 2008 and has more than 300 employees with locations in the US, Canada, Australia and South Africa. With its Annual Recurring Revenue (ARR) growth of around 20% in recent years, GoCanvas generated an ARR of USD 67 million and an operating margin still below the Nemetschek Group average in 2023. GoCanvas’ growth is expected to stay at the level of around 20% in the coming years with an increase in operating margin resulting from operational leverage, synergies and economies of scale.
Led by CEO Yves Padrines, The Nemetschek Group is a provider of software for digital transformation in the AEC/O and media industries. Its solutions cover the entire life cycle of construction and infrastructure projects and allow creatives to optimize their workflows. Customers can plan, construct, and manage buildings and infrastructure efficiently and sustainably, and develop digital content such as visualizations, films, and computer games in a creative way. The software company drives new technologies and approaches such as artificial intelligence, digital twins, and open standards (OPEN BIM) in the AEC/O industries to increase productivity and sustainability.
Transaction financing will be provided by Nemetschek’s own cash resources and existing credit facilities. The acquisition is expected to close in summer 2024 and is subject to customary regulatory approval and closing conditions. Until the transaction closes, each company will continue to operate independently. Upon closing, the CEO of GoCanvas, Viyas Sundaram, and his team will join the Nemetschek Group.
FinSMEs
07/06/2024