RIB invests 42 million USD in a leading and rapidly growing North American data business
RIB demonstrates its commitment to the U.S. market with the largest investment in over 50 years of company history
Stuttgart, Germany, 06 June 2019. RIB Software SE, the world’s leading provider of iTWO 4.0 Cloud Enterprise Platform Technology for the construction and real estate industries, successfully completed the acquisition of 60% of the Atlanta, USA-based BSD (Building Systems Design). BSD offers a leading cloud software platform for building specifications together with data and analytics solutions for North American building product manufacturers. The 40% Co-owners are the BSD executive management team consisting of: Chief Executive Officer Christopher Anderson, Executive Chairman Iain Melville, and Chief Innovation Officer Arol Wolford, together with the Construction Specification Institute (CSI), whose mission it is to advance building information management. Prior to joining BSD, Christopher served in executive roles in the Gordian Group and RS Means and Iain held the position of CEO for Construction Market Data (CMD) and RS Means. Arol is the founder of CMD and a board member of Revit Technology Corporation.
BSD’s annual recurring revenue (ARR) is forecasted to exceed 14 million USD in 2019 with organic growth of approximately 25%. The addressable market for BSD products in the USA and Canada is over USD 3 billion. Through BSD, up to 500,000 users for the MTWO cloud platform, driven by BIM and Digital Transformation, can be converted in the medium term from 8,000 construction suppliers, 80,000 architecture and engineering firms with over 10 employees, 150,000 construction companies, and 270,000 owners.
The addressable market in the 26 countries covered by the RIB Group is over USD 10 billion (ARR) and over 1 million MTWO platform users. The RIB total investment, including expansion funds, is USD 42 million (EUR 37.6 million) and represents the largest single investment in the RIB Group’s 50+ year history.
BSD provides thousands of American architects, engineers, project developers, investors, and building materials suppliers with a cloud data platform for the development of technical building specifications and the definition of products and construction services. Manufacturers can add their products to the building catalog in the cloud. Approximately 4,000 new American construction projects are listed on the platform each month. The manufacturer can thus position his products directly at the point of sale. Currently more than 10,000 tendering engineers work within the platform and the cancellation rate of the annual users is far below 10%. The two flagship products SpecLink and SpecLive will be integrated on the MTWO cloud platform and expanded via Managed Services (MSP) for enterprise customers. The BSD products will be supplemented with the virtual assistant McTWO, the artificial intelligence (AI), with smart Analytics. The 100 RIB Software iTWO 4.0 modules such as CX (Collaboration Platform), Supply Chain Management (SCM), Predictive Pricing, Modular Construction, Cost Estimation, and Value Engineering will be optimally connected with SpecLink and SpecLive. In the medium term, new business models based on xTWO technology are also planned.
Tom Wolf, CEO of RIB Group: “The investment in BSD demonstrates RIB Group’s strong commitment to the U.S. market. McTWO welcomes with Arol, Iain and Chris some of the strongest Executives and investors in the global AEC industry. The integration of 100 software modules connected to millions of BSD content data in the MTWO cloud platform super charged with McTWO our virtual AI assistant and managed data services has the potential now to digital transform the building and infrastructure industry to one of the most advanced industries. Re-platforming concepts like MTWO, combined with BSD data services, will enable developers and owners to build modern cities and infrastructure tailored for Gen Z and following generations.”
Chris Anderson, BSD President and CEO: “At BSD, our goal is to create advanced technology designed to make collaboration easier, including seamless BIM integration and revolutionary cloud technology. RIB’s focus on MTWO and McTWO, cloud and AI based platforms for the construction industry perfectly aligns with BSD’s strategy. We are looking forward to working with RIB in this expanding area to push the digitization and transformation of a whole industry.”
BSD was created more than 35 years ago by innovative design professionals determined to improve the specification process. Architects, specifiers, engineers, and owners rely on BSD SpecLink because it delivers the best content in both the U.S. and Canada via the industry’s most innovative software. BSD SpecLink simplifies workflow, speeds up editing, and improves productivity throughout every phase of a project.
Launched in 2018, SpecLink Cloud features seamless BIM integration and cloud collaboration that revolutionizes coordination among project teams. Users can view embedded BIM object data, identify potential conflicts, automatically adjust specs, and view BIM models from any web-enabled device.
SpecLive helps building product manufacturers get specified through unprecedented visibility and real-time analysis. Building product manufacturers benefit from BSD’s proprietary analytics tool SpecLive to learn when and where they’re being specified, and by whom. For more information on BSD, visit www.bsdspeclink.com.
About RIB Group
RIB Software SE is an innovator in the building and construction industry. The company develops and offers cutting-edge digital technologies for construction enterprises and projects across various industries worldwide. iTWO 4.0, RIB’s flagship cloud-based platform, provides the world’s first enterprise cloud technology based on 5D BIM with AI integration for construction companies, industrial companies, developers and project owners, etc. With over 50 years of experience in the construction industry, RIB Software SE focuses on IT and engineering and becomes the pioneer in construction innovation, exploring and bringing in new thinking, new working methods and new technologies to enhance construction productivity. RIB is headquartered in Stuttgart, Germany and Hong Kong, China, and listed on the prime standard Frankfurt Stock Exchange since 2011. With over 2,700 talents in more than 25 countries worldwide, RIB is targeting to transform the construction industry into the most advanced and digitalized industry in the 21st century.