EQT Acquires Majority Stake in thinkproject, Europe’s Leading SAAS Construction Intelligence Platform

EQT IX acquires a majority stake in thinkproject, Europe’s leading SaaS provider of construction intelligence solutions for the Architecture, Engineering, Construction and Owner-operated (AECO) industry

EQT is pleased to announce that the EQT IX fund has acquired a majority stake in thinkproject from TA Associates and thinkproject’s founder Thomas Bachmaier. TA, Thomas Bachmaier and the management team will re-invest significantly into the Company in the context of this transaction. thinkproject’s management team, led by CEO Gareth Burton and CFO Ralf Gruesshaber, will continue to lead the Company and build on its strong track record of growth and innovation.

Founded in 2000 and headquartered in Munich, thinkproject serves more than 250,000 users in over 60 countries. Its cloud-delivered, integrated digital solutions help customers be more efficient, cost-effective and simplify their digital transformation across the construction lifecycle. The Company employs around 450 people and its software is used by 2,750 customers across international private and public asset owners, project developers, and general contractors.

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thinkproject’s underlying end market, the construction industry, is one of the largest and least digitized industries globally. In recent years, the AECO industry has seen an accelerated digitization momentum and widespread technological adoption. This shift is driven by multiple secular trends, including stagnant productivity, growing cost pressure, increasing regulation, a demographic move towards a new generation with greater IT affinity and focus on sustainability. By improving delivery times and reducing waste and energy consumption, thinkproject helps cut emissions in one of the key carbon emitting industries globally. The Company’s efforts in this field are contributing to the United Nations Sustainable Development Goal #12, “Responsible Consumption and Production”.

thinkproject’s management team has executed on a strategic growth agenda with a focus on digitization, technological innovation and sustainability across several levers. EQT intends to support the current direction taken by the management team by further growing the Company’s global customer base, backing product extension, geographical expansion and supporting a consolidation of the fragmented construction software space. thinkproject is expected to leverage the full EQT platform during its next phase of growth, including EQT’s digital and sustainability expertise, local-with-locals presence across Europe and Asia-Pacific, and domain experience. Moreover, the Company will be supported by the EQT Network, including advisors from EQT’s software, real estate and infrastructure space.

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Florian Funk, Partner at EQT Partners, said: “For us, thinkproject represents a truly thematic investment at the intersection of EQT’s two core value creation pillars, sustainability and digitization. After having followed thinkproject over the last couple of years, we are thrilled by the opportunity to work together with the management team and TA Associates to further develop this exciting company. This investment is perfectly aligned with EQT’s core focus of investing in high growth companies and partnering with world class management teams. We are truly impressed by the market leading position thinkproject has built and EQT is excited to support its vision of becoming a global champion.”

Gareth Burton, CEO of thinkproject, said: “EQT is one of the most active and successful private equity investors in the TMT sector with a very profound expertise specifically in the construction sector. thinkproject’s management team and EQT both share the strong conviction around the sector’s fundamentally attractive growth dynamics as well as thinkproject’s ability to further build out its excellent market leadership position and to build the leading global construction intelligence platform. thinkproject continuously strives to serve our customers to help construct a better world.”

Morgan Seigler, Managing Director at TA Associates, said: “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 the thinkproject management team during the company’s next phase of growth.”

The transaction is subject to customary closing conditions and regulatory approvals. It is expected to close by year end.

With this transaction, EQT IX is expected to be 15-20 percent invested, based on its target fund size.

Milbank acted as legal advisors to EQT. Arma Partners acted as financial advisors to thinkproject, and Hengeler Mueller and Travers Smith served as legal counsel.

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