Autodesk, the $27 billion software company best known for its architecture program, AutoCAD, will acquire PlanGrid for $875 million, the company announced Tuesday.
The transaction is expected to close during Autodesk's fourth quarter of fiscal 2019, which ends on January 31, according to the company.
Founded in 2011, PlanGrid is a GV (formerly Google Ventures) and Sequoia Capital-backed construction-productivity tool. The startup has since raised a total of $69 million. A Series B in 2015 valued the company at $419 million, according to PitchBook.
PlanGrid is primarily mobile-first and lets teams work in real time from both in offices and at construction job sites to update project plans and field reports.
Autodesk said in its statement it intends to integrate PlanGrid's software and its Autodesk Revit and Autodesk BIM 360 construction-management platform.
"At PlanGrid, we have a relentless focus on empowering construction workers to build as productively as possible," said Tracy Young, PlanGrid cofounder and CEO, in a statement.
"One of the first steps to improving construction productivity is the adoption of digital workflows with centralized data. PlanGrid has excelled at building beautiful, simple field collaboration software, while Autodesk has focused on connecting design to construction. Together, we can drive greater productivity and predictability on the job site," she said.
