|SAN RAFAEL, Calif. and WALTHAM, Mass., Feb 21, 2002 (BUSINESS WIRE) --
Autodesk, Inc. (Nasdaq: ADSK), the leading design software and digital content
company, today announced its intention to acquire Revit Technology Corporation,
a Massachusetts-based developer of parametric building technology for building
design, construction, and management, for $133 million cash. The addition of
Revit software complements Autodesk's existing family of building industry
applications with a parametric building modeler for customers to design,
coordinate, and integrate information about an entire building. The closing of
the acquisition is subject to governmental and shareholder approvals.
"The acquisition will extend our reach to new customers while expanding our
existing building industry business," said Carol Bartz, Autodesk chairman and
CEO. "Our product line will offer the best drafting and model-based design
capabilities on the market, ultimately helping designers, builders, and owners
better track and manage their building assets."
How Revit Technology and Autodesk Fit Together
The model-based approach to building design and management will result in
breakthrough efficiency across building lifecycles, from design through
construction and management. Autodesk Architectural Desktop (ADT) software
supports the building model approach by incorporating design objects within a
familiar AutoCAD environment. The increased productivity realized by ADT
customers using integrated design objects has driven Autodesk's Building
Industry Division growth over the last year.
With Revit, Autodesk customers will be able to take the next step toward a fully
integrated model-based approach. Model-based design helps customers design,
coordinate, and manage information about the entire building. This permits
building information to become available for downstream functions like
structural engineering, construction estimating and bidding, and facilities
Revit is next generation technology and is well-suited to specific customer
segments like retail, hospitality, and construction - new customer targets for
Autodesk - and complements Autodesk's current product offerings. As a result of
the acquisition, Autodesk will be able to offer customers greater efficiency
through technology at any point of a building's lifecycle:
-- Autodesk Architectural Studio for digital drawing of design
-- AutoCAD and AutoCAD LT for production drafting
-- Autodesk Architectural Desktop and the building systems
applications for increased productivity in detailed design
-- Revit for parametric design and construction projects using
integrated building models
-- And ProjectPoint to manage building construction and
management projects online
"Our combined technologies will be a catalyst for the worldwide building
industry to adopt model-based design, construction and management," said David
Lemont, Revit Technology CEO. "We can finally fulfill the longstanding desires
of building professionals to achieve real process change. Building professionals
will have the ability to integrate an intelligent building model into their
practice and begin to use architectural design in downstream applications."
For financial implications of the transaction, please refer to Autodesk press
release "Autodesk Reports Fourth Quarter Results" also issued today.
This press release contains forward-looking statements about the expectations,
beliefs, plans, intentions and strategies of Autodesk relating to the
acquisition of Revit Technology. These statements reflect Autodesk's current
beliefs and are based on current information available to Autodesk. The ability
of Autodesk to achieve these business objectives involves many risks and
uncertainties that could cause actual outcomes and results to differ materially.
In particular, while the companies have executed a definitive agreement, there
is no assurance that they will complete the transaction. If the companies do not
receive the necessary government or stockholder approvals or fail to satisfy
conditions for closing, the transaction will terminate. Other risks and
uncertainties include the failure to achieve expected synergies and efficiencies
of operations; employee retention and maintenance of the business of Revit
Technology before the closing of the transaction; the ability to manage the
integration of products and operations between Autodesk and Revit Technology;
timely development and acceptance of products and services and their feature
sets; and other risks that are described from time to time in Autodesk reports
filed with the Securities and Exchange Commission.
About Revit Technology Corporation
Founded in 1997, Revit Technology Corporation has been revolutionizing building
design with Revit - the first parametric building modeler developed for the AEC
industry. Revit's advanced parametric technology offers unprecedented ease of
use in a product that has been designed to enable architects, engineers,
owner/operators and construction professionals to transform the entire process
by which buildings are designed, constructed and operated over their lifecycle.
With offices in the United States and United Kingdom, and Revit Solutions
Providers throughout the EU, the Middle East and Asia-Pacific, Revit's
revolutionary building technology is in use by leading architectural, building
and construction management firms such as Little & Associates Architects, George
B.H. Macomber Company, NBBJ and WAT&G. For more information, please visit
www.revit.com or call 781-839-5300.
Founded in 1982, Autodesk, Inc., is the world's leading design and digital media
creation, management, and distribution company. The company serves a diverse
portfolio of markets, including building design, geographic information systems,
manufacturing, digital media, and wireless data services. By delivering tools
that foster innovation and creativity, Autodesk helps customers throughout the
value chain leverage digital design data to work better, faster, and smarter.
Autodesk is one of the largest global software companies with annual revenues of
$936 million. For more information about the company, see www.autodesk.com.
Autodesk and AutoCAD are either registered trademarks or trademarks of Autodesk,
Inc., in the USA and/or other countries. All other brand names, product names,
or trademarks belong to their respective holders.(c) Copyright 2002 Autodesk,
Inc. All rights reserved.
CONTACT: Autodesk, Inc.
Misty Ohmart, (415) 507-6208, (Investor)
Carol Lettieri, 415/507-6908 (Media)
Alex Neihaus, 781/839-5306
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