Autodesk to Acquire AI-Powered Construction Software Provider Pype
Pype’s best-in-class submittals and project closeout software will strengthen Autodesk Construction Cloud to help GCs, specialty contractors and owners further reduce risk and increase efficiencies
Autodesk, Inc. (NASDAQ: ADSK) today announced it has signed a definitive agreement to acquire
Pype,
a provider of cloud-based solutions for automating construction project
management workflows. The acquisition will empower general contractors,
subcontractors and owners to gain even more
value from Autodesk Construction Cloud by automating critical
construction workflows such as submittals and closeouts to increase
productivity and mitigate project risk.
Pype’s suite of software
reduces tedious manual entry and human error that can lead to rework,
cost overruns and schedule delays on construction projects. The
company’s technology leverages artificial intelligence
and machine learning to automatically analyze and extract critical
construction data such as project plans and specifications to be used
throughout the project lifecycle. By automating these traditional manual
workflows and converting real-time data into actionable
insights, construction teams have the power to increase collaboration
and project efficiency. Pype customers include top general contractors
such as Barton Malow, JE Dunn, McCarthy, Mortenson and Skanska, among
others.
Since 2017, Autodesk has
invested in nine construction technology startups. The company also
acquired Assemble, BuildingConnected and PlanGrid; these three
acquisitions alone total more than $1.1 billion.
“I could not be more
optimistic about the future of the building industry,” said Andrew
Anagnost, CEO of Autodesk. “Even in challenging times such as those we
are currently facing, Autodesk remains focused on making
the jobs of people who build easier. Pype’s robust machine learning
capabilities will empower Autodesk customers to connect workflows across
the building lifecycle in new ways and optimize their businesses for
long-term resiliency.”
“We’re incredibly proud
of the rapid growth Pype has experienced since its founding in 2013,”
said Sunil Dorairajan, CEO and co-founder of Pype. “We’ve launched four
widely adopted solutions to-date, each rooted
in our ongoing mission to automate manual construction workflows for
increased productivity and reduced risk. Now as part of Autodesk, we
look forward to expanding these automated capabilities to ensure
construction teams efficiently progress through projects,
from design to closeout.”
“JE Dunn has been a pioneer at incorporating
innovation to create and enhance robust digital and automated
processes,” said John Jacobs, Chief Information Officer of JE Dunn.
“Both Autodesk and Pype have been strategic partners throughout
this digital journey, each with unique strengths and best-in-class
solutions. Combining Autodesk’s construction management technology with
Pype’s AI-powered project management capabilities will certainly
accelerate the ongoing transformation of our industry.”
Autodesk Construction
Cloud, which brings together Assemble, BIM 360, BuildingConnected and
PlanGrid, is a powerful portfolio of software and services comprised of
advanced technology, the industry’s largest builder’s
network and predictive insights. With Autodesk’s established design
authoring tools, Autodesk Construction Cloud connects headquarters,
office and field teams to increase collaboration and productivity.
Following the
acquisition, Autodesk plans to integrate Pype products with Autodesk
Construction Cloud. Pype’s product suite includes:
- AutoSpecs: Allows construction professionals to generate submittal logs in a matter of minutes
- Closeout: Accelerates the construction closeout process via an easy-to-use, centralized dashboard and automated document collection
- eBinder: Automatically converts hundreds of closeout documents into a fully indexed, hyperlinked and searchable turnover file
- SmartPlans: Extracts submittals, product schedules, and contract compliance requirements from drawings
“Too
many critical construction workflows are still performed manually by
project teams, leading to inefficiencies and exposing companies to
increased risk such as schedule delays and cost
overruns,” said Jim Lynch, vice president and general manager of
Autodesk Construction Solutions at Autodesk. “Pype’s software makes data
both actionable and collaborative, allowing teams to build and automate
workflows that increase on-time and on-budget
project delivery. Following the acquisition, Pype will join our
portfolio of best-in-class solutions that are widely used by the
construction industry to manage the building lifecycle from design
through to operations.”
“While risk is inherent
in the construction business, leveraging artificial intelligence to
automate tedious yet consequential data and processes significantly
reduces project risk associated with human error,”
said Karuna Ammireddy, CTO and co-founder of Pype. “Together, Pype’s
solutions with Autodesk Construction Cloud will enable customers across
the industry to mitigate risk during each step of the building process.”
Terms and Business Outlook
The transaction is subject to customary closing
conditions and is expected to close during Autodesk’s third quarter of
fiscal 2021, ending October 31, 2020. The acquisition will have no
material impact on Autodesk's second quarter and fiscal
year 2021 guidance presented on June 3, 2020.
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