Nemetschek Group signed a definitive agreement on April 13, 2026, to acquire Heavy Construction Systems Specialists (HCSS) from private equity firm Thoma Bravo in one of the largest consolidations in construction technology history. The deal, valued at approximately $2.4 billion and structured around a 20× EBITDA multiple on HCSS's projected 2025 earnings, will bring HCSS into Nemetschek's Build & Construct segment alongside Bluebeam, GoCanvas, and Nevaris. The transaction is expected to close in the second half of 2026, pending regulatory approvals.
Background
HCSS is a leading provider of construction management software connecting office and field operations across the lifecycle of infrastructure and heavy civil projects. Founded in 1986, the company holds a dominant position in estimating, job costing, project management, safety, and fleet management for civil and infrastructure contractors.
Based 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. Industry observers have long viewed HeavyBid as a dominant estimating platform in heavy civil construction, where bid accuracy and production tracking are central to competitiveness.
The acquisition arrives amid a broad wave of construction technology consolidation. In March 2026, Autodesk closed its acquisition of Rhumbix to strengthen jobsite data collection, and on April 2, Trimble finalized its purchase of Document Crunch, an AI-based contract scanning platform. Nemetschek's move represents the largest deal of this cycle by disclosed valuation.
Deal Details
In 2025, HCSS generated approximately $215 million in revenue, with annual recurring revenue growth of roughly 21% and an EBITDA margin of approximately 40%. Nemetschek Group, listed on Germany's MDAX and TecDAX since 1999, reported revenue of EUR 1.19 billion and EBITDA of EUR 371.1 million for the same period.
Under the agreed ownership structure, Nemetschek SE will hold approximately 72% of shares in the Build & Construct segment, while Thoma Bravo-managed funds will retain approximately 28% as a minority shareholder. Nemetschek also confirmed it will refinance all of HCSS's existing financial debt and liabilities, resulting in an approximately $527 million increase in its net debt position.
The acquisition is expected to expand the Build & Construct segment's total addressable market to an estimated $12 billion by 2028, according to Nemetschek's announcement.
"With the acquisition of HCSS, a highly recognized technology leader in infrastructure and heavy civil construction, we are taking our next major strategic step forward," said Yves Padrines, CEO of Nemetschek Group. "We already hold a strong position in the building sector and are now further enhancing and scaling our position in the fast-growing infrastructure and heavy civil sector... This acquisition significantly expands our size and our total market opportunity, deepens our footprint in North America, and perfectly complements our existing portfolio."
"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," said Steve McGough, President and CEO of HCSS. "Becoming part of Nemetschek's Build & Construct segment will unlock tremendous opportunity for HCSS... Our strengths in heavy civil construction software complement the Build & Construct segment's existing solutions, creating a broader, more powerful platform for customers."
By combining HCSS's tools with the document management, workflow, and field data platforms already in its portfolio, Nemetschek is positioning itself to offer a more integrated software stack spanning preconstruction through execution. The company specifically cited strong government investment in infrastructure, still buoyed by the $1.2 trillion Infrastructure Investment and Jobs Act.
For construction firms that rely on HCSS's HeavyBid estimating and HeavyJob field management products, the integration path into Nemetschek's broader ecosystem - particularly alongside Bluebeam's document collaboration tools - will be a critical variable to watch. HCSS's core products are currently tailored to bidding regulations, labor standards, and overtime rules specific to the U.S. and Canada; extending that functionality to European and Asian regulatory frameworks will require deliberate product investment.
Outlook
The transaction, which values HCSS at roughly 20 times its projected 2025 EBITDA, is expected to close in the second half of 2026. The deal structure is designed to preserve Nemetschek's balance sheet strength and flexibility for future growth, including targeted M&A. For the broader construction technology market, the deal signals that infrastructure software - long a fragmented niche dominated by specialized vendors - has become the central battleground for platform consolidation, with AI-enabled data integration cited by both parties as the primary driver of combined value.
For related coverage of recent consolidation in the construction software sector, see our analysis of Trimble's acquisition of Document Crunch.
