Fieldwire + Hilti: Acquisition Announcement
Hilti will acquire Fieldwire, a leading jobsite management platform for construction.
The acquisition will further Hilti’s mission to drive outstanding field productivity for its customers through complementary software and hardware solutions.
SCHAAN, LIECHTENSTEIN – Hilti Corporation, a world-leading innovator of tools, technology, software and services to the commercial construction industry, today announced that it has entered into an agreement to acquire Fieldwire, a technology company based in San Francisco, for a purchase price of approximately $300 million. The acquisition will combine Fieldwire’s best-in-class product with Hilti’s world famous brand to reach new customers and help them drive productivity in their field operations.
Construction represents almost 10% of the GDP of the world with most of the spend being realized in the field during the construction phase. While the vast inefficiencies of field operations have been documented many times — as much as 70% of the workday being spent in non-direct wrench time activities — the industry is still in its digital infancy when it comes to supporting the craftsperson itself to solve the problem. Fieldwire makes it easy for contractors to coordinate crews in the field on large construction operations, improving trade productivity by more than 12% on average.
“The acquisition of Fieldwire will accelerate Hilti’s capability to deliver productivity and safety to our customers through software,” said Christopher Loos, Hilti’s CEO. “This is just the beginning of the journey and we plan to continue investing in the platform to create the next market leader in construction management software.”
Hilti and Fieldwire have been working closely together for some time. In 2017, Hilti invested in Fieldwire’s Series B financing round and has provided ongoing guidance as the company scaled rapidly. Incredibly, the platform has already been used by general contractors and specialty contractors alike on more than 1,000,000 projects worldwide in 100 countries and is known for its field-first approach to productivity.
“We started Fieldwire to help construction contractors empower their teams, drive field productivity and create stronger, more profitable companies,” said Yves Frinault, Fieldwire’s co-founder & CEO. “With Hilti, we have found a partner that not only shares our values but also allows us to accelerate our product roadmap for our customers while expanding in new markets. We are thrilled to be joining the Hilti family.”
The acquisition is expected to close in Q4 2021 and is subject to standard closing conditions, including regulatory approvals.