Private equity firm TA Associates has invested in think project!, a provider of cross-enterprise collaboration and workflow software to the construction and engineering industries.
Financial terms of the transaction have not been disclosed.
Founded in 2000, think project! offers a SaaS, multi-tenant platform used by more than 100,000 users across over 8,000 projects in 40 countries.
It delivers a readily available and shapeable common data environment (CDE) for construction and engineering projects.
think project!’s solutions are building information modelling (BIM)-enabled, offer application programme interfaces (APIs) for close integration with other business applications and can be accessed via multiple touchpoints and devices.
It currently supports asset owners and general contractors across more than 20 sectors, including the energy and automotive industries, infrastructure and government projects. The company has approximately 200 employees across its Munich headquarters, R&D centre in Berlin, and regional sales offices in Spain, Poland, Austria, the Netherlands and France.
“We believe think project! is an exceptional company that has established itself as a leading provider in a relatively unique, yet rapidly growing sector,” says J Morgan Seigler, a managing director at TA Associates who will join the think project! board of directors. “Under the direction of Thomas Bachmaier and his talented management team, think project! has enjoyed consistent growth in its core German market and internationally. We are delighted to partner with a company with such a strong foundation and welcome the opportunity to support the continued evolution of think project!.”
“Since our founding, think project! has continuously strived to serve our customers and to help them achieve their goals by catering to their individual needs,” says Thomas Bachmaier, chief executive officer and co-founder of think project!. “We would like to thank co-founder and former investor, WALTER Beteiligungen und Immobilien AG, for their historical support, and are confident that our new partnership with TA Associates will serve to strengthen our brand and further our growth. We are thrilled to begin working with such an experienced and well-respected firm, and look forward to benefiting from TA’s valuable insight and support.”
The global addressable market for construction collaboration software is estimated by Frost & Sullivan at USD5.6 billion with a current penetration of less than 10 per cent, implying a present market size of roughly USD500 million. According to research from PwC, the global infrastructure construction market is expected to grow 6.5 per cent annually to USD9 trillion by 2025.
“With our focus on investing in profitable, growing businesses, construction software is a highly attractive sector for TA,” says Naveen A Wadhera, a managing director at TA Associates. “Given its well-established presence in Germany and accelerating growth in Spain, Poland, the Benelux countries and elsewhere, we believe think project! is well positioned as a market leader in continental Europe. We look forward to working with the think project! management team, building on their success to date and furthering the company’s expansion through organic and inorganic growth.”
GCA Altium served as financial adviser and Noerr served as legal counsel to think project!. Willkie Farr & Gallagher served as legal counsel to TA Associates.
