Munich-based Nemetschek Group SE said on April 13 that it has signed a definitive agreement to buy Heavy Construction Systems Specialists, known as HCSS, from private equity firm Thoma Bravo in a $2.4 billion deal that marks the company’s largest acquisition yet and a direct push into heavy civil contractor software.
The transaction, which values HCSS at about 20 times projected 2025 earnings before interest, taxes, depreciation and amortization, is expected to close in the second half of 2026.
For Nemetschek, which has built its U.S. presence largely through construction industry tools like Bluebeam and GoCanvas, the acquisition expands its reach into estimating and field management systems widely used by infrastructure contractors. HCSS’ flagship products, HeavyBid and HeavyJob, are core platforms for bidding, cost control and operations on jobsites in highways, utilities and other public works projects.
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Founded in 1986 and headquartered in Sugar Land, Texas, HCSS serves more than 4,000 companies across North America, from small contractors to large general contractors, and employs more than 550 people. The company generated about $215 million in revenue by 2025, with annual recurring revenue growth of about 21% and an EBITDA margin of close to 40%, according to Nemetschek.
Industry observers have long viewed HeavyBid as a dominant estimating platform in heavy civil construction, where bid accuracy and production tracking are critical to competitiveness. By combining these tools with document management, workflow and field data platforms already in its portfolio, Nemetschek is positioned to offer a more integrated software stack that spans pre-construction to execution.
Nemetschek CEO Yves Padrines framed the deal as a strategic infrastructure expansion, citing long-term demand factors such as public investment and asset renewal.
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“We already have a strong position in the construction sector and are now further enhancing and expanding our position in the fast-growing infrastructure sector and the heavy civil sector, which is supported by multiple drivers of structural growth,” he said in a statement. “This acquisition significantly expands our size and total market opportunity, deepens our footprint in North America, and perfectly complements our existing portfolio.”
The company said the move would expand the total addressable market of the Build & Construct segment to about $12 billion by 2028, driven in part by aging infrastructure, energy transition investment and urbanization.
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Platform play in contractor workflows
The acquisition signals a broader shift among construction technology providers toward consolidating the tools used throughout the contractor lifecycle, particularly in the infrastructure sectors where estimating, production tracking and field reporting are closely linked.
HCSS clients “win 75% of the work in 50 US Department of Transportation markets and produce 40% more bids than competitors,” Thoma Bravo said, though the companies did not provide independent verification of those figures.
If completed, the deal would place HCSS within Nemetschek’s Build & Construct segment alongside Bluebeam, GoCanvas and Nevaris. The company did not detail integration plans, but executives emphasized complementary capabilities in estimating, documentation and field execution.
Steve McGough, president and CEO of HCSS, said the company’s four-year partnership with Thoma Bravo had prepared it for the transition.
“We are deeply grateful for Thoma Bravo’s support over the past four years, which has helped strengthen our foundation and position us for long-term success,” he said. “Our strengths in heavy civil construction software complement existing solutions in the Build & Construct segment, creating a broader and more powerful platform for customers.”
Under the deal, Nemetschek will hold about 72% of the shares in the Build & Construct segment, while Thoma Bravo will retain about 28% as a minority shareholder, an ownership structure that moves away from a traditional outright buyout and keeps the private equity firm invested in the segment’s growth.
Nemetschek also said it will refinance HCSS’s existing debt and liabilities, resulting in an approximately $527 million increase in its net debt position.
George Jaber, director of Thoma Bravo, described the pair as a generational opportunity. “The two organizations are leading the global AI revolution in construction design, planning, execution and collaboration, and together they will have the platform, talent and ambition to continue setting the pace for the entire industry,” he said in a statement.
Thoma Bravo manages more than $183 billion in assets under management as of December 31, 2025 and has acquired or invested in more than 580 software and technology companies over two decades, representing approximately $305 billion in aggregate value.
ENR sought additional comment from Nemetschek and HCSS on product integration, customer impacts and branding plans, but did not receive a response by the time of publishing the story.
