Autodesk Stock Falls On Construction Acquisition
Autodesk (ADSK), a manufacturer of computer-aided design software, decided Thursday to buy a construction software company just like the completed acquisition of another. The Autodesk share fell in the retail market during a holistic day for the stock market.
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California-based company San Rafael plans to buy BuildingConnected for $ 275 million net after cash acquired. The acquisition will add bid management, risk analysis and other pre-build solutions to Autodesk's construction industry portfolio, the company says in a press release.
Autodesk will use BuildingConnected networks to create a robust digital marketplace for construction products and services. BuildingConnected has a network of more than 700,000 construction projects. It helps real estate owners and general contractors to find and hire qualified contractors for their projects.
On early afternoon trading on the stock market today Autodesk stock decreased 4.4%, close to 122.50. It has consolidated the last 17 weeks with a purchase point of 160.04.
Autodesk expects the BuildingConnected acquisition to close in its current fiscal fourth quarter, ending January 31st.
Autodesk sees construction as its next billion Dollar Business
"We invest in digitization and automation of workflows," said Autodesk's CEO Andrew Anagnost in a written statement. "Autodesk aims to associate design processes across design, construction and operation."
On Thursday, Autodesk also said that it completed the acquisition of PlanGrid, a leading provider of software for construction productivity, for $ 875 million without cash.
BuildingConnected, together with Autodesk BIM 360, Revit, AutoCAD, and our acquisition of PlanGrid and Assemble Systems, provide us with comprehensive construction and go-to-market opportunities, "says Anagnost. "We look forward to integrating our recent acquisitions and doing the construction of Autodesk's next billion dollar business."
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