Quickie: RIB invests in US Autodesk reseller
Now this is interesting: RIB, the German maker of the iTWO/MTWO* BIM-focused solution set for the construction industry, just announced that it has acquired a 60% share of U.S. CAD, an Autodesk reseller based in California and with offices across the Western US. According to RIB’s press release, U.S. CAD reported “over 50% revenue growth [so far in 2019] compared to 2018”, with “over 50.000 active subscribers across United States … [RIB expects that] the company will contribute over 30 Million Euro yearly revenue with 20-30% EBIT/DA margin to the RIB Group in 2020”.
U.S. CAD is an Autodesk Authorized Platinum Reseller Partner (the top tier) that helps customers with selection, implementation, training, etc. — most, at the moment, on the design end of the BIM spectrum. Autodesk has recently gotten into the construction side of things with the Plangrid and BuildingConnected acquisitions.
RIB has been saying that it wants to get serious about the North American market, and this deal clearly further those ambitions. RIB expects to leverage U.S. CAD by having it sell the MTWO cloud solutions for contractors and owners starting in January 2020, alongside its historic Autodesk sales offers.
U.S. CAD founder and CEO, Daniel Counts, and President, Jeff Rachel, remain at the helm. Mr. Coonts said in prepared remarks that he has “always envisioned U.S. CAD joining up with a strategic investor like RIB and I am excited about our future … The top priorities for U.S. CAD and RIB will be to continue scaling the business in the USA, by way of both strong organic and acquisitional growth, in other words, we will continue to execute the U.S. CAD strategic plan for growth … With Autodesk BIM 360 and MTWO from RIB, U.S. CAD will be scaling these technologies and increasing adoption throughout the USA. These software platforms are complementary to each other and are transforming the building industry in the USA.”
RIB paid $26.4 million for a 60% share of U.S. CAD.
** Yes, it’s confusing. iTWO is RIB’s cloud-based platform for contractors and others involved in building projects. MTWO is the result of a partnership with Microsoft to bring iTWO onto the Microsoft Azure platform.