Autodesk to Acquire Innovyze, Inc. for $1 Billion; Provider of Smart Water Infrastructure Modeling and Simulation Technology
February 24, 2021
From Autodesk News: Autodesk
San Rafael, CA – February 24, 2021 – Autodesk, Inc. (NASDAQ: ADSK) today announced it has signed a definitive agreement to acquire Portland, Oregon-based Innovyze, Inc., a global leader in water infrastructure software, for $1 billion net of cash subject to working capital and tax closing adjustments. The acquisition positions Autodesk as a technology leader in end-to-end water infrastructure solutions from design to operations, accelerates Autodesk’s digital twin strategy, and creates a clearer path to a more sustainable and digitized water industry.
Innovyze’s modeling, simulation, and predictive analyses solutions enable more cost-effective and sustainably designed water distribution networks, water collection systems, water and wastewater treatment plants, and flood protection systems. Further, Innovyze’s solutions centralize infrastructure asset visibility to optimize capital and operational expenses. Combining Innovyze’s portfolio with the power of Autodesk’s design and analysis solutions, including Autodesk Civil 3D, Autodesk InfraWorks, and the Autodesk Construction Cloud, offers civil engineers, water utility companies and water experts the ability to better respond to issues and to improve planning.
For 35-years, Innovyze has been building innovative software for the water industry and is trusted by approximately 3,000 customers worldwide, including utility companies in many of the most populous cities across five continents, a majority of ENR’s top design firms, and leading environmental and engineering consultancies.
Today, more than two billion people lack access to safe drinking water at home, and by 2025 more than two-thirds of the world’s population will reside in water-stressed areas.
“We can achieve a more sustainable planet, but we can’t do it without responsibly managing our use of water and securing its future,” said Andrew Anagnost, Autodesk president and CEO. “An estimated $1.9 trillion is required to address global water infrastructure needs by 2030, and by fundamentally changing the way systems are designed, constructed, and operated, we are best positioned to overcome this challenge and realize the better world we’ve imagined.”
“Nearly nine trillion gallons of water are lost each year worldwide due to prolonged leaks and pipe breaks, but we cannot manage or fix what we cannot see,” said Amy Bunszel, Executive Vice President, AEC Design Solutions at Autodesk. “Innovyze’s portfolio of operational analytics, distribution modeling, and asset management solutions provides the insight needed to identify this and other potential problems before they become a crisis.”
“For thirty-five years Innovyze has been a hidden part of the daily lives of millions of people around the world, helping to deliver fresh, clean water, managing sewage and flooding in our communities, and turning wastewater into safe water,” said Colby Manwaring, CEO of Innovyze. “Similarly, if you look at the built world around us, Autodesk’s design DNA is found in just about every structure you see above ground and below, so it makes strategic sense to bring together our complementary organizations critical to much of the world’s population. We look forward to completing the acquisition and getting to work, together.”
For more information on the acquisition, please see the accompanying PDF here.
The transaction is subject to customary closing conditions and is expected to close during Autodesk’s first quarter of Fiscal Year 2022, ending April 30, 2021.
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Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding: the planned acquisition of Innovyze and the timing thereof, the impact of the acquisition on Autodesk’s business performance; the impact of the transaction on Autodesk’s and Innovyze’s products and services capabilities, customers, and partners; and Autodesk’s strategic priorities.
Factors that could cause actual results to differ materially include the following: Autodesk’s ability to successfully integrate Innovyze’s business; costs related to the acquisition; the impact of climate change and population growth; changes in Innovyze’s customer base or geographic footprint; whether the infrastructure design and water industries evolve as anticipated; the competitive environment in the design and water industries and competitive responses to the acquisition; Autodesk and Innovyze’s success developing new products or modifying existing products and the degree to which these gain market acceptance; general market and business conditions; unanticipated impact of accounting for acquisitions; and the ability to satisfy the conditions to the completion of the acquisition on the anticipated schedule, or at all.
Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk’s Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
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