Design and architecture software maker Autodesk has confirmed its investment in construction software technology by announcing its plan to purchase startup PlanGrid.
The $875 million deal represents the biggest ever acquisition for Autodesk. It also marks the first big acquisition for CEO Andrew Anagnost, who took over Autodesk 16 months ago.
PlanGrid specialises in productivity construction software that enables workers to manage and collaborate on virtual blueprints at construction sites. The company has raised approximately $69 million from individual investors like David Sacks and Ron Conway in addition to large firms like GV (formerly Google Ventures), Northgate Capital, and Sequoia Capital.
The PlanGrid software has been used in several major construction projects such as the headquarters of Nvidia, the graphics chipmaker; Highway 99 in Central Valley, California, and the California Pacific Medical Center in San Francisco.