Hilti makes $300m construction tech acquisition
In the biggest ever acquisition in the construction tech sector, global construction services company Hilti Group has agreed to acquire tech company Fieldwire for $300m.
US-based Fieldwire provides task management software for construction teams on commercial sites. Users can assign tasks, track performance and collaborate with entire teams on the platform.
With a presence in North America, Europe and Asia Pacific, Fieldwire is used on more than a million sites worldwide.
Liechtenstein-headquartered Hilti, which generated $5.7bn of sales in 2020, said that that the acquisition was driven by fact that digitalisation has become a “major driver” of productivity in construction. The company intends to combine what it sees as a popular product in the sector with its global brand.
Christoph Loos, CEO of Hilti, said: “This acquisition will strengthen our software portfolio and is a logical step towards our vision of becoming the leading digitalisation partner for our customers.”
Hilti operates in more than 120 countries, providing systems, software and services to the construction industry.
The size of the deal is notable not only because it is one of the largest proptech deals ever, but because M&A in construction tech has been relatively muted compared to other tech sectors in real estate.
Expected to close in Q4 2021, the acquisition will see Fieldwire’s entire team join Hilti under the continued leadership of its founder Yves Frinault and Javed Singha. Hilti said “additional efforts” will be made to significantly grow the Fieldwire team.
Hilti had been an early investor in Fieldwire, participating in its Series B financing round in 2017.
Frinault 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.”