PlanGrid Acquired by Autodesk

23 November 2018

We are very excited to share the news that PlanGrid has been acquired by Autodesk (NASDAQ: ADSK) for a total of US $875m.

PlanGrid, which is a 2012 graduate of Y Combinator, took what was a paper-intensive task and shifted it to digital, creating software that helped move blueprints from paper to the iPad.  Since launching in 2011 the company has evolved; using the software, general contractors, subcontractors and owners in commercial, heavy civil and other industries work together throughout the construction project lifecycle. PlanGrid software offers real-time collaboration, keeping the field and the office on the same page. It gives builders real-time access to project plans, punch lists, project tasks, progress photos, daily field reports, submittals and more.  PlanGrid currently has 400 employees, 12,000 customers and 120,000 paid users, and has been used on over a million construction projects worldwide, according to data provided by the companies.

ACE Angel Partners invested in PlanGrid in April 2012 (contributed in AAP in Dec 2013) through a Convertible Note and in July 2014 in the Series A round.  Based on information disclosed in the press, the expected performance for ACE & Company’s shares in the company will return a multiple of invested capital (MOIC) of 14.27 which and internal rate of return (IRR) of 79%.  This is excellent news for ACE Angel Partners, which is fully deployed and just out of its investment phase, as it will allow for some significant distribution back to our investors.

Sources: Autodesk  and TechCrunch