GoCanvas Joins Forces with the Nemetschek Group

June 6, 2024 – GoCanvas has announced its acquisition by the Nemetschek Group (NEM.DE), the second largest construction software company in the world and a globally renowned provider of software solutions for the Architecture Engineering Construction / Operations (AEC/O) and media industries. This acquisition marks the beginning of a new era of innovation and growth, benefiting customers, employees, and stakeholders. Join us as we explore the exciting details and future prospects of this powerful partnership. You can read the official press release here.

The Big Announcement

The Nemetschek Group has signed a definitive agreement to acquire all shares of GoCanvas for around a 11.5x multiple on 2023 ARR of $67M, or well over $700 million. This strategic acquisition aligns with Nemetschek’s mission to enhance its Build Segment, which offers subscription and SaaS products designed to simplify customers’ jobs and integrate seamlessly with other AEC/O solutions and platforms. GoCanvas will complement Nemetschek’s existing offerings, enabling flexible cloud and mobile field worker solutions that help customers efficiently collect real-time data, collaborate across worksites, create digital checklists, make data-driven business decisions, and replace paperwork with smart, simple workflows. The Nemetschek Group is acquiring GoCanvas from K1 Investment Management. The acquisition is expected to close in the summer of 2024, pending customary regulatory approvals and closing conditions. Post-acquisition, GoCanvas CEO Viyas Sundaram and his team will join the Nemetschek Group and continue to drive the business. Moelis & Company LLC acted as the exclusive financial advisor, and Kirkland & Ellis LLP and Morris, Manning & Martin, LLP served as legal advisors to GoCanvas for this transaction.

Strategic Fit

GoCanvas is a perfect match for the Nemetschek Group’s strategic goals, particularly in the Build Segment. The acquisition will expand Nemetschek’s market reach in the United States, while providing GoCanvas with opportunities to grow in Europe and Asia-Pacific. The Nemetschek Group’s largest brand, Bluebeam, is already the most trusted name for collaboration solutions in the built environment and by integrating GoCanvas’s mobile data collection and workflow automation tools, Bluebeam can offer a more comprehensive suite of solutions that cater to the needs of field workers. This synergy will enhance operational efficiency, safety, and collaboration across various sectors, including construction, manufacturing, and energy. The integration of these technologies will create a best-in-class portfolio, offering sustainable and innovative solutions for the AEC/O industries.

Benefits for Customers

For GoCanvas customers, the acquisition by the Nemetschek Group heralds a promising future filled with enhanced solutions and robust support. Customers can anticipate continued innovation that will facilitate even better collaboration between field and office workers. Moreover, the alignment with Nemetschek’s established brands, like Bluebeam, promises to expand the functionality and reach of GoCanvas’s offerings. This acquisition underscores GoCanvas’s commitment to delivering exceptional quality and value, providing customers with the tools they need to stay ahead in a competitive landscape.

Looking Ahead

Future Innovations

As GoCanvas joins forces with the Nemetschek Group, the future is bright with the promise of groundbreaking innovations. Leveraging Nemetschek’s extensive experience in software solutions for the AEC/O industries, GoCanvas will be able to accelerate the development of advanced features that meet the evolving needs of field workers. Expect to see enhanced mobile capabilities, smarter data analytics, and more workflows to be enabled between office and field workers. With a shared vision for innovation and excellence, this partnership is set to deliver state-of-the-art solutions that will redefine industry standards and create new opportunities for growth and efficiency in the built environment.

What’s Next

Following the acquisition announcement, the immediate next steps involve completing the regulatory approval process and fulfilling closing conditions. The acquisition is expected to be finalized by summer 2024. Until then, both GoCanvas and the Nemetschek Group will continue to operate independently. Detailed information about the transaction will be disclosed once it is complete. During this period, GoCanvas remains committed to delivering the same high level of service and innovation that customers have come to expect. 

Who is the Nemetschek Group?

The Nemetschek Group is a globally leading provider of software for digital transformation in the AEC/O and media industries. Its intelligent software 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 more 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. We are continuously expanding our portfolio, including through investments in disruptive start-ups. More than 7 million users are currently designing the world with the customer-focused solutions of our four segments. Founded by Prof. Georg Nemetschek in 1963, the Nemetschek Group today employs more than 3,400 experts.

The company, which has been listed in the MDAX and TecDAX since 1999, achieved a revenue of EUR 851.6 million and an EBITDA of EUR 257.7 million in 2023.