The Hilti Group has announced that it has entered into an agreement to acquire Fieldwire, a San Francisco-based construction technology company, for approximately $300 million.
In a statement, Hilti announced that the strategic acquisition will bring together Fieldwire’s best-in-class product and Hilti’s global brand and market reach to help drive productivity at contractors and construction sites.
“The acquisition of Fieldwire will accelerate Hilti’s capability to deliver productivity to our customers through software solutions. Since digitalisation has become a major driver of productivity in construction, Hilti has been investing in digital solutions for construction professionals.
“This acquisition will strengthen our software portfolio and is a logical step towards our vision of becoming the leading digitalization partner for our customers. We intend to continue investing in the platform to create the next market leader in construction project management software.” said Christoph Loos, CEO of the Hilti Group.
Fieldwire provides a leading platform for jobsite management that powers more than a million jobsites worldwide. Founded in 2013, Fieldwire has built a strong presence in North America and managed to expand internationally into Europe and Asia Pacific, while building market-specific features that enable customers to improve field productivity, the statement said.
The San Francisco based company is presently supporting thousands of clients to better manage their jobsites digitally by offering a software solution that is reliable, easy to use, has a wide range of features and is also device-agnostic. It is used by general and specialty contractors alike and is known for its field-first approach to productivity, it added.
“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.” said Yves Frinault, Fieldwire’s Co-founder & CEO.
With Hilti’s support, the team at Fieldwire will expedite the work on building the preferred digital solution for construction professionals in the market, he added.
Not only will all current Fieldwire team members be invited to stay with Hilti Fieldwire under the continued leadership of the two founders, Yves Frinault and Javed Singha, but additional efforts will also be made to significantly grow the team, the statement continued.
In 2017, Hilti was part of Fieldwire’s Series B financing round. It has since then provided ongoing guidance as the company scaled rapidly. As early investor, Hilti already has a sound working relationship with Fieldwire, and together the companies can now strive towards making construction jobsites around the world simpler and more productive. The acquisition is expected to close in Q4 2021 and is subject to standard closing conditions, including regulatory approvals.