Ad hoc Announcement

Nemetschek Group to Acquire GoCanvas to further Accelerate Digitalization in Construction Industry

• GoCanvas is a leading provider of Software as a Service (SaaS) solutions for enhancing productivity and safety through paperless collection, reporting and integration of field data in construction
• Perfect fit with Nemetschek’s Build & Construct Division portfolio strategy
• Complementary technology, customer base and regional sales split will create strong synergies and accelerate Subscription/SaaS business model transition

Munich, June 6, 2024 –The Nemetschek SE (ISIN 0006452907), a leading global provider of software solutions for  architecture, engineering, construction and operations (AEC/O) and media industries, today announced that it has signed a definitive agreement to acquire all shares in GoCanvas Holdings, Inc., headquartered in Reston, Virginia, USA. GoCanvas is a leading provider of field worker collaboration software that digitizes traditionally paper-based processes, simplifies inspections, improves safety, and maximizes compliance with more than 300,000 active users worldwide in the first quarter of 2024.

The Nemetschek Group´s Build Segment offers subscription and SaaS products that simplify customers’ jobs and connect openly with other AEC/O solutions and platforms. GoCanvas fits excellently in this strategy by offering flexible cloud and mobile field worker solutions that help customers efficiently collect real-time data, collaborate across worksites, make data-driven business decisions, and replace paperwork with smart, simple workflows.

GoCanvas was founded in 2008 and has more than 300 employees with locations in the US, Canada, Australia and South Africa. With its strong Annual Recurring Revenue (ARR) growth of around 20% in recent years, GoCanvas generated an ARR of USD 67 million and an operating margin still below the Nemetschek Group average in 2023. GoCanvas’s growth is expected to stay at the level of around 20% in the comings years with an increase in operating margin resulting from operational leverage, synergies and economies of scale. The purchase price (on a cash-/debt-free basis), represents a 2023 ARR multiple of around 11.5x based on the 2023 ARR.

The acquisition of GoCanvas will capture significant growth opportunities and technology synergies through further enhancing market and customer access. GoCanvas further strengthens Nemetschek Group’s positioning in the US while Nemetschek will provide GoCanvas a unique footprint to expand in Europe and Asia-Pacific.

Transaction financing will be provided by Nemetschek’s own cash resources and existing credit facilities. The acquisition is expected to close in summer 2024 and is subject to customary regulatory approval and closing conditions. Until the transaction closes, each company will continue to operate independently. After closing, GoCanvas CEO Viyas Sundaram and his team will join the Nemetschek Group. More details related to the transaction will be disclosed after closing of the acquisition.