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Autodesk to Acquire PlanGrid to Accelerate Construction Productivity
**Companies Seek to Enhance Collaboration Across All Construction Project Teams**
*SAN RAFAEL, CA, November 20, 2018 —* Autodesk, Inc. (NASDAQ: ADSK), a global leader in design and engineering software, has announced an agreement to acquire PlanGrid, a top provider of construction productivity solutions, for $875 million, net of cash. This strategic move will allow Autodesk to deliver a more integrated, cloud-based platform tailored specifically for the construction industry.
PlanGrid's software empowers general contractors, subcontractors, and project owners across various sectors, such as commercial and heavy civil construction, by fostering real-time collaboration throughout the entire project lifecycle. Its features include instant access to updated blueprints, punch lists, task assignments, progress images, daily field reports, submittals, and much more. This ensures that everyone involved—from the field team to the office staff—is always aligned and up-to-date.
"Design and manufacturing are merging, and Autodesk is bridging the gap between project data from conception through execution," stated Andrew Anagnost, CEO of Autodesk. "The construction sector holds immense potential for improvement through digital transformation and automation. By acquiring PlanGrid, we aim to refine construction processes for every participant in the building process."
Tracy Young, CEO of PlanGrid, added, "Our mission at PlanGrid has always been to empower construction professionals to maximize their efficiency. A critical step toward achieving this is embracing digital workflows with unified data centers. While PlanGrid specializes in creating intuitive field collaboration tools, Autodesk focuses on linking design to construction. Together, we can enhance productivity and predictability on job sites."
### Proposed Integration
According to Jim Lynch, General Manager of Construction at Autodesk, "This acquisition strengthens our offerings for general contractors and opens fresh avenues for growth among subcontractors and project owners. We plan to seamlessly integrate PlanGrid's software with both Autodesk Revit and the Autodesk BIM 360 construction management platform, ensuring a smooth flow of information among all stakeholders."
Both companies have cultivated complementary integration ecosystems where clients can link additional software applications. This acquisition is anticipated to broaden the range of integration partners, offering customers a flexible platform to experiment and adopt innovative methods of operation.
### Terms and Business Outlook
The deal hinges on standard closing conditions and is projected to conclude during Autodesk’s fourth quarter of fiscal 2019, which ends January 31, 2019. Since the precise timing remains uncertain, Autodesk has excluded any financial impacts from its current guidance. However, the company predicts the acquisition will marginally increase revenue but may slightly reduce profitability and cash flow for the quarter. For fiscal year 2020, Autodesk anticipates PlanGrid contributing approximately $100 million in annual recurring revenue (ARR) and having a minor negative effect on profitability and cash flow. Despite this, the company is reaffirming its free cash flow goals for the year.
For further context on the acquisition, including detailed company profiles, product synergies, and client testimonials, please refer to the attached PDF document.
### Conference Call and Webcast
Autodesk will discuss this announcement during its third-quarter earnings conference call today at 5:00 PM EST. The live webcast can be accessed via [Autodesk Investor Relations](http://www.autodesk.com/investor). Supplementary financial details and prepared remarks will be posted alongside this press release on the investor relations section of Autodesk's website.
A recording of the call will be available starting at 7:00 PM EST at the same URL. This recording will remain accessible on Autodesk's site for at least 12 months.
### Safe Harbor Statement
This press release includes forward-looking statements involving risks and uncertainties. These statements cover topics such as the proposed PlanGrid acquisition timeline, its impact on Autodesk's guidance from November 20, 2018, and business performance, the effects of the transaction on both companies' product offerings and partnerships, and Autodesk's plans to optimize construction workflows.
Potential factors that could lead to differing outcomes include Autodesk’s ability to successfully merge PlanGrid’s operations, costs associated with the acquisition, market growth expectations within the construction industry, competition, product development successes, general economic conditions, and unforeseen accounting implications. Additional information about these risks can be found in Autodesk's Annual Report on Form 10-K for the fiscal year ended January 31, 2018, and its Quarterly Reports on Form 10-Q for the fiscal quarters ended April 30, 2018, and July 31, 2018, filed with the U.S. Securities and Exchange Commission. Autodesk does not commit to updating any forward-looking statements beyond the dates specified.
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