Munich, October 3, 2014 – Software provider Nemetschek AG (ISIN 0006452907) announced today that it will acquire 100% of Bluebeam Software, Inc., headquartered in Pasadena/California, USA.
Bluebeam is a leading provider of PDF-based workflow solutions for digital processes and collaboration in the AEC (Architecture, Engineering, Construction) industry with more than 650,000 users worldwide. In the 2013 financial year, Bluebeam generated revenues of approx. US $22.4 million, which corresponds to a 48% growth over the previous year. In the first half of 2014, Bluebeam continued on an accelerated growth path and generated revenues amounting to US $16.5 million. The operating result (EBIT) in the first half of 2014 was US $3.2 million. Its customers include more than 74% of top US companies in the construction industry, according to industry rankings by Engineering News-Record.
With the acquisition, the Nemetschek Group not only extends its solution offering strategically but also reinforces its international market presence especially in North America. At the same time, as a result of Bluebeam, additional customer potential is within reach for the strong CAD brands from the Design segment. Bluebeam, in turn, will profit from Nemetschek’s stronger presence in Europe and Asia.
Bluebeam was founded in 2002 and has about 150 employees. In addition to its headquarters in Pasadena, the company has offices in San Diego, Chicago and Manchester. Sales are made online, via direct sales and a network of about 180 resellers worldwide.
In keeping with the strategic alignment of the Nemetschek Group, Bluebeam will continue to be led by its current management as an independent brand company in the future.
The purchase price of the acquisition amounts to about US $100 million (cash-/debt-free). Financing is provided by the company’s own capital resources and the taking out of a loan. The purchase price includes earn-out components, which are linked to the increase in revenues and profitability in the financial years from 2014 to 2016. According to today’s perspective, earn-out payments of approx. US $3.5 million are anticipated. The acquisition is subject to the approval of Bluebeam’s shareholders and is expected to be closed in October 2014.