Hexagon to buy SaaS-based Projectmates for construction offering

Remember years ago when Hexagon first said it was interested in expanding from design into construction? Given its strength in plant design, this was a natural progression. But the companies that build process plants aren’t owners, they’re contractors — EPCs like Bechtel and Fluor — with asset owners using versions of the same tools in their oversight and tracking functions. But how do you get progress information into tools that more naturally cater to the needs of owners?

Enter Projectmates. It’s been around for decades but recently reinvented itself as a SaaS-based platform to manage planning through handover in one central repository. I haven’t seen Projectmates in a few years, so we’ll have to take Hexagon’s word for it: “Linking owners with job sites in real-time and tracking critical information about design changes, job site progress and expectations provides owners with the necessary visibility to make sure projects are executed, monitored, controlled and closed on time and within budget. With powerful reporting and a single view of an entire project portfolio – from capital planning and budget allocation to bidding, contracts, change orders, invoicing and payment – owners can streamline communications and collaboration with architects, engineers and contractors to improve response times, workflows and ROI.”

New Hexagon CEO Paolo Guglielmini says Projectmates brings “next-generation SaaS technology [that] transforms how projects are visualised and managed. Through intelligent tracking of project schedules, costs and values, owners of any construction project – from industrial and commercial assets to infrastructure – can avoid delays and save money … Projectmates’ solution nicely complements our existing comprehensive construction portfolio (HxGN Smart Build) used by general contractors and leading EPCs, which includes enterprise planning and project controls software and reality capture solutions that monitor job site safety and evidence job site progress.”

Financial details were not announced, but the company did say that the acquisition will have no significant impact on Hexagon’s earnings. The deal is expected to close in the next few weeks. We should learn more when Hexagon announces Q4 results sometime in the next six weeks or so.