Thoma Bravo

Money Moves

Seller — retaining 28% minority stake in Nemetschek's Build & Construct segment

Nemetschek, the Munich-based company behind construction software brands like Bluebeam and Graphisoft, agreed on April 13 to buy Heavy Construction Systems Specialists (HCSS) for $2.4 billion — the largest acquisition in its six-decade history. HCSS dominates the niche market for heavy civil construction software in North America, serving more than 4,000 contractors who build roads, bridges, and pipelines. The deal lands HCSS in Nemetschek's Build & Construct segment alongside Bluebeam and GoCanvas, which Nemetschek bought for $770 million less than two years ago.

Updated May 31