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EQT acquires majority stake in thinkproject

thinkproject, Europe’s leading SaaS provider , today announced a new stakeholder, global investor EQT. 

thinkproject, Europe’s leading SaaS provider , today announced a new stakeholder, global investor EQT. EQT will acquire a majority stake in thinkproject, a Euopean SaaS provider for construction and engineering projects, from TA Associates and thinkproject founder Thomas Bachmaier.

All previous shareholders and the management team of thinkproject will make a significant reinvestment in thinkproject to further accelerate the growth of the European market leader in construction intelligence solutions.
 
thinkproject has more than 450 employees in 18 offices across 11 countries. thinkproject supports around 2,750 private and public asset owners, project developers and general contractors with users in more than 60 countries to digitally map the entire life cycle of construction projects. Reference projects that were or are being realized with the help of thinkproject’s Construction Intelligence Platform include BMW World in Munich, the Fehmarn Belt Tunnel between Germany and Denmark, Elbe Philharmonic Hall in Hamburg, Hong Kong International Airport, and more. The transaction is expected to be closing by the end of the year, subject to regulatory approvals.

With 13 per cent of global GDP, the construction industry is the largest industrial sector in the world. In terms of the degree of digitalisation and an annual productivity growth rate of only 1 per cent, the industry is lagging. Global initiatives to completely digitalise the entire life cycle of construction projects, from designing and building to operating, will lead to fundamental disruption in the construction industry. thinkproject already offers the AECO (Architecture, Engineering, Construction and Owner-operated) industry SaaS (Software as a Service) solutions to avoid time and cost overruns, thus minimising these considerable risks in the industry.

Florian Funk, Partner at EQT Partners and Investment Advisor for EQT, says: “thinkproject has delivered an impressive growth story through organic growth and strategic acquisitions in a highly fragmented market. The digitalisation of the construction industry offers enormous growth opportunities, we are only at the beginning of a disruptive change. EQT will use its entire platform, including its digital and sustainability expertise, its local presence, its domain expertise and its network to further accelerate thinkproject’s expansion. We look forward to working with TA Associates and thinkproject’s management team to create a global champion who will lead the way and pioneer the digitisation of the world’s largest industry.”

Morgan Seigler, Managing Director at TA Associates, says: “Since our investment four years ago, the thinkproject management team has demonstrated an exceptional commitment to the company’s strategic growth initiatives and customers. We believe that these efforts have helped thinkproject transform into Europe’s leading SaaS provider of construction intelligence solutions for the AECO industry. We are thrilled to welcome EQT as our new partner, and we look forward to working with them alongside thinkproject’s management team during the company’s next phase of growth.”

Gareth Burton, CEO of thinkproject, says: “We are excited to continue the next phase of our journey with our new majority shareholder EQT and with the continued support and commitment from TA Associates. Both have deep enterprise software experience, which make them ideal partners to further accelerate our growth. The digitalization of the construction industry is one of the most exciting projects in the global economy. thinkproject is a leader in AECO software, a fast-growing market where we continue to win market share. This is where we believe that we can help our customers create the most value, by enabling them to capitalise on the promise of digital transformation in our industry, gaining insights and knowledge from their data across the entire design, build and operate lifecycle. thinkproject’s proposition in the market is compelling and differentiated, which, when combined with the market opportunity, provides all the right ingredients for continued growth”.

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