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Autodesk Completes Acquisition of Revit Technology Corporation
SAN RAFAEL, Calif.--(BUSINESS WIRE)--April 2, 2002--Autodesk, Inc. (Nasdaq:ADSK), the leading design software and digital content company, today announced it has completed the acquisition of Revit Technology Corporation, a Massachusetts-based developer of parametric building technology for building design, construction, and management. Autodesk completed the acquisition by purchasing Revit Technology Corporation, a privately held company, for $133 million cash. The transaction closed on April 1, 2002.
Revit complements Autodesk's existing suite of building industry products by offering an alternative tool for architectural design. Its parametric building modeler, which comprises intelligent building components, annotations, and views, makes it especially appropriate for specific project types, such as retail and hospitality facilities, that can benefit from its parametric modeling functionality.
"Autodesk has long served customers in the commercial and institutional sectors of the building industry," said Carol Bartz, Autodesk chairman and CEO. "Revit allows us to expand those relationships and win new customers -- particularly for fast-track or design-build projects where Revit's design tools are so well suited because its underlying technology provides a more integrated approach to model-based design."
Autodesk will maintain Revit's Waltham, Massachusetts office, which is in close proximity to Autodesk's Building Industry Division's product development center in Manchester, New Hampshire. Dave Lemont, former CEO of Revit Technology Corporation, has been named vice president and will oversee Revit product development and customer services, reporting to Phil Bernstein, FAIA, vice president of Autodesk's Building Industry Division.
The acquisition of Revit, in conjunction with Autodesk's existing building design product solutions, will accelerate the company's long-standing strategy for providing industry process improvements through a comprehensive model-based design approach that supports the entire building lifecycle, across the design, construction, and management phases of the process.
Founded in 1982, Autodesk, Inc., is the world's leading design and digital media creation, management, and distribution company. The company serves a diverse portfolio of markets, including building design, geographic information systems, manufacturing, digital media, and wireless data services. By delivering tools that foster innovation and creativity, Autodesk helps customers throughout the value chain leverage digital design data to work better, faster, and smarter. For more information about the company, see www.autodesk.com.