Hilti in deal to buy US construction technology firm for $300m
DUBAI, November 16, 2021
Hilti Group, a global leader in innovative tool and fastening solutions, technology, software and services for the commercial construction industry, has entered into an agreement to acquire Fieldwire, a San Francisco-based construction technology company for an approximate $300 million.
The strategic acquisition will bring together Fieldwire’s best-in-class product and Hilti’s global brand and market reach to help drive productivity at contractors and on construction sites.
Fieldwire provides a leading platform for jobsite management that powers more than a million jobsites worldwide, said a statement from Hilti.
Founded in 2013, Fieldwire has built a strong presence in North America and managed to expand internationally into Europe and Asia Pacific, while building market-specific features that enable customers to improve field productivity.
The US-based company is presently supporting thousands of clients to better manage their jobsites digitally by offering a software solution that is reliable, easy to use, has a wide range of features and is also device-agnostic.
It is used by general and specialty contractors alike and is known for its field-first approach to productivity.
"The acquisition of Fieldwire will accelerate Hilti’s capability to deliver productivity to our customers through software solutions. Since digitalization has become a major driver of productivity in construction, Hilti has been investing in digital solutions for construction professionals," remarked Christoph Loos, the CEO of the Hilti Group.
With Hilti’s support, the team at Fieldwire will expedite the work on building the preferred digital solution for construction professionals in the market.
"This acquisition will strengthen our software portfolio and is a logical step towards our vision of becoming the leading digitalization partner for our customers. We intend to continue investing in the platform to create the next market leader in construction project management software," he added.
Yves Frinault, Fieldwire’s Co-founder & CEO, said: "We started Fieldwire to help construction contractors empower their teams, drive field productivity and create stronger, more profitable companies."
"With Hilti, we have found a partner that truly shares our values and at the same time allows us to speed up our product development for our customers in new and existing markets. We are thrilled to be joining the Hilti Group," he added.
In 2017, Hilti was part of Fieldwire’s Series B financing round. It has since then provided ongoing guidance as the company scaled rapidly. As early investor, Hilti already has a sound working relationship with Fieldwire, and together the companies can now strive towards making construction jobsites around the world simpler and more productive.
The acquisition is expected to close in Q4 2021 and is subject to standard closing conditions, including regulatory approvals.
Loos said not only will all current Fieldwire team members be invited to stay with Hilti Fieldwire under the continued leadership of the two founders, Frinault and Javed Singha, but additional efforts will also be made to significantly grow the team.
With a 30,000-strong team in over 120 countries, Hilti stands for direct customer relationships, quality and innovation.
Since its founding in 1941, the company's strategic orientation is based on a caring and performance-oriented culture and the goals of creating enthusiastic customers and building a better future.
The company which has its headquarters in Schaan, Liechtenstein, had generated annual sales of CHF 5.3 billion in 2020.-TradeArabia News Service
