Autodesk (ADSK), maker of computer-aided design software, approved Thursday the purchase of a design software company when the acquisition of another one was completed. Autodesk shares fell at midday during a rough day for the stock market.
The San Rafael, California-based company plans to buy BuildingConnected for $ 275 million less cash acquired. The acquisition will add offer management, risk analysis and other pre-design solutions to the portfolio of the Autodesk construction industry, the company said in a press release.
Autodesk will leverage BuildingConnected's network to create a robust digital marketplace for building goods and services. BuildingConnected has a network of more than 700,000 construction professionals. It helps real estate owners and general contractors find and hire qualified contractors for their projects.
In today's early afternoon trading session, Autodesk shares fell 4.4% to near 122.50. It consolidates for 17 weeks with a purchase point of 160.04.
Autodesk expects the acquisition of BuildingConnected to be completed in its current fourth quarter ending Jan. 31.
Autodesk sees construction as next billion dollar business
"We are investing in digitization and automation of construction operations," said Andrew Anagnost, chief executive of Autodesk, in a written statement. "Autodesk's goal is to link building processes across design, construction and operations."
Also on Thursday, Autodesk said the acquisition of PlanGrid, a leading provider of construction product software, was completed for $ 875 million after deducting cash.
BuildingConnected, together with Autodesk BIM 360, Revit, AutoCAD, and our acquisitions of PlanGrid and Assemble Systems, provides us with a comprehensive design offering and extensive market launch opportunities, "said Anagnost." We look forward to integrating our recent acquisitions and the next Autodesk's billion dollar business. "
Autodesk outlook strong despite market fluctuations, analysts say