Liechtenstein-based construction firm Hilti broadens its technology stack and its international footprint with the strategic acquisition of Fieldwire. The joint goal is to improve productivity at construction sites with digital tools.
Liechtenstein-based Hilti Group has reached an agreement to acquire Fieldwire, a San Francisco-based construction technology company. Fieldwire’s software product portfolio will expand the Hilti brand and provide the Hilti Group with broader market access. Another key goal of the strategic acquisition is to improve productivity in construction companies and on construction sites.
Hilti and Fieldwire
The Hilti Group is based in Schaan, Liechtenstein, and employs around 30,000 people in over 120 countries. It supplies the construction and energy industries worldwide with technologically leading products, system solutions, software, and services. With more than CHF 5.3 billion in 2020 sales, it’s a leading company in Liechtenstein. It is privately owned by the Martin Hilti Family Trust.
Fieldwire was founded in 2013 and offers a leading software platform for construction site management. The company is headquartered in San Francisco and has offices in Phoenix and Paris. In 2021, it was named one of America’s Best Startup Employers by Forbes. Besides Hilti, Fieldwire’s investors include Menlo Ventures, Brick & Mortar Ventures, Formation8, and Bloomberg Beta.
A strategic acquisition
Hilti buys Fieldwire for approximately $300 million. The software has already been used on more than 1 million construction sites worldwide, with a strong market presence in North America. It has also expanded into Europe and the Asia Pacific in recent years, where it offers slightly different versions of its platform.
Fieldwire’s platform allows its users to manage their construction sites digitally. It’s an easy-to-use and hardware-independent software to improve productivity. It is used by both general and specialty contractors.
Christoph Loos, CEO of Hilti Group, explains the background of the acquisition:
“The acquisition of Fieldwire will strengthen our expertise in delivering greater productivity to our customers through software. Since digitalization has become one of the key drivers to increase productivity in the construction industry, Hilti has been investing in digital solutions for construction professionals. This acquisition expands our software portfolio and is the next logical step towards our vision of becoming the leading digitalization partner for our customers. We intend to further invest in the platform to create the future market leader in construction project management software.”
Teams remain intact
Fieldwire will continue to expand its software solution. There won’t be any changes to the existing team, as all employees remain on board. Also, the founders Yves Frinault and Javed Singha will continue to provide their leadership. Over the coming years, the company will be significantly expanded to scale up its operations.
“We founded Fieldwire to help contractors become more productive on their job sites, creating stronger, more profitable businesses,” says Yves Frinault. “In Hilti, we have found a partner that shares our values while enabling us to accelerate our product development for our customers in our existing and new markets. We are very excited to become part of the Hilti Group.”
Hilti and Fieldwire have already had a close partnership before the acquisition. Hilti participated in Fieldwire’s Series B financing round in 2017 and has supported the company in its rapid development. From now on, the cooperation will be significantly closer. Both companies will work together to make work easier and more productive on construction sites worldwide. The acquisition is expected to close in Q4 2021 and is still subject to regulatory approvals.
Image: (C) Hilti Group