Nemetschek expands Build with HCSS acquisition

Nemetschek just announced that it will acquire Heavy Construction Systems Specialists (HCSS) from private equity firm Thoma Bravo. I know you’re all asking, who??

HCSS makes specialized software for civil, infrastructure, and utility contractors. They offer solutions for bidding, pre-construction, planning, estimating, field management, equipment management, asset tracking, safety, heavy construction, and more that contractors use to manage their projects and protect profit margins. Currently, HCSS serves over 4,000 companies, primarily in North America. These customers are incredibly loyal, focused on this specific type of project, typically self-perform (meaning they own the equipment and hire the crews; they don’t just manage subcontractors), and are incredibly focused on managing costs and risk.

HCSS will join Nemetschek’s Build segment, alongside established brands such as Bluebeam, GoCanvas, and Nevaris.

Nemetschek CEO Yves Padrines said that this move is a “major strategic step forward,” adding, “We already hold a strong position in the building sector and are now further enhancing and scaling our position in the fast-growing infrastructure and heavy civil sector … This acquisition significantly expands our size and our total market opportunity [and] deepens our footprint in North America.””

Now, about the transaction. Under the deal, Thoma Bravo will receive shares representing 28% of the Build segment’s value, while Nemetschek retains the remaining 72%. Since Build segment shares do not trade independently, the mechanics of this aren’t clear to me — though Nemetschek did state that the deal will not impact its overall shareholder structure and said that the Build segment will still be “an integral part of the Nemetschek Group and will be managed, controlled, and fully consolidated by Nemetschek SE.”

Then, as part of the agreement, Nemetschek will refinance €450 million of HCSS’s existing financial debt and liabilities.

The companies didn’t disclose a total deal value, but we can take a stab at it. If Thoma Bravo’s stake in the Build segment is proportional to the overall market cap (AND WE DON’T KNOW THAT IT IS), then

• Nemetschek’s market cap today is roughly €6.5 billion
• Build segment revenue was around €480 million in 2025, out of total Nemetschek revenue of €1.2 billion, so Build was roughly 40% of the total
• If proportionality is the correct approach, then the “market cap” of the Build segment is 40% of the total market cap, or €2.6 billion
• Thoma Bravo’s 28% share of Build’s “market cap” would be €728 million. That’s the stock-based part of the deal. 
• Now add in the €450 million of refinancing, and it looks like 
• This deal might be worth on the order of €1.2 billion
• BUT THIS IS ALL A GUESS. Don’t make financial decisions based on it!

According to Nemetschek, in 2025, HCSS generated approximately $215 million in revenue, so based on my guess-math, that might be a 5.55x valuation.

The acquisition is expected to close in the second half of 2026 and is subject to customary regulatory approvals and other conditions.

Bottom line: HCSS is a specialist, the gold standard for field operations and bidding in the heavy civil sector. Those 4,000 US customers create a massive cross-sell opportunity for the rest of the portfolio. But it’s bigger than that: HCSS’ core products are tailored to the specific bidding regulations, labor standards, overtime rules, and so on in the U.S. and Canada. Europe and Asia follow different regulatory frameworks; to become a true global powerhouse, Nemetschek will have to expand HCSS’ HeavyBid, HeavyJob, HCSS Safety, etc. to support other rule sets. Nemetschek’s existing European brands (like Nevaris) may already have a head start on these rules, so the real magic will be merging HCSS’ workflows with Nevaris’ local compliance. Add in the opportunities created by combining these workflows and their data with Nemetschek’s AI engines … Lots of potential here.