Nemetschek Group has agreed to acquire heavy civil construction software firm HCSS from private equity firm Thoma Bravo in a deal valued at more than $2.4 billion - approximately 20 times HCSS's projected 2025 EBITDA, marking the Munich-based company's largest acquisition to date. Nemetschek Group SE signed a definitive agreement on April 13 to buy Heavy Construction Systems Specialists, known as HCSS, from Thoma Bravo - a direct push into heavy civil contractor software. The transaction is expected to close in the second half of 2026. Under the deal structure, Nemetschek SE will hold approximately 72% of the Build & Construct segment's shares, with Thoma Bravo-managed funds retaining approximately 28% as a minority shareholder.
Background
For Nemetschek, which built its U.S. presence largely through building-sector tools such as Bluebeam and GoCanvas, the acquisition extends its reach into estimating and field-management systems widely used by infrastructure contractors. Headquartered in Sugar Land, Texas, HCSS is a leading provider of construction software for the infrastructure and heavy civil sectors in North America. Founded in 1986, the company supports more than 4,000 firms and employs more than 550 professionals. The acquisition comes amid a broader wave of platform consolidation in construction technology - a pattern this publication previously examined in the context of Trimble's acquisition of Document Crunch, where integrating point solutions into end-to-end ecosystems has become the dominant strategic playbook.
The transaction is projected to expand the Build & Construct segment's total addressable market to an estimated $12 billion by 2028, while further strengthening Nemetschek's position in North America.
Deal Details
In 2025, HCSS generated approximately $215 million in revenue, with annual recurring revenue growth of approximately 21% and an EBITDA margin of approximately 40% under US-GAAP. HCSS's flagship products, HeavyBid and HeavyJob, are core platforms for bidding, cost control, and jobsite operations on highway, utility, and other public works projects. HCSS customers win 75% of work across 50 U.S. Department of Transportation markets and produce 40% more bids than competitors, according to Thoma Bravo - though the companies did not provide independent verification of those figures.
Nemetschek will refinance all existing HCSS debt and liabilities, resulting in an impact of approximately €450 million on the group's net debt position. The transaction structure is designed to preserve Nemetschek's balance sheet strength and flexibility for future growth, including targeted M&A.
"We are deeply grateful for Thoma Bravo's support over the past four years," said Steve McGough, President and CEO of HCSS. "Becoming part of Nemetschek's Build & Construct segment will unlock tremendous opportunity for HCSS," he added, noting that HCSS's heavy civil software strengths complement the segment's existing solutions.
Nemetschek CEO Yves Padrines said the deal values HCSS at slightly above 20 times its 2025 EBITDA and emphasized the group's infrastructure-sector ambitions. "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," Padrines stated, adding that the acquisition deepens Nemetschek's North American footprint and complements the existing Build & Construct portfolio.
Outlook: Integration Questions and Market Implications
If completed, the deal places HCSS within Nemetschek's Build & Construct segment alongside Bluebeam, GoCanvas, and Nevaris. The company has not yet detailed integration plans, though executives emphasized complementary capabilities across estimating, documentation, and field execution. For construction firms currently using HCSS alongside third-party BIM or project management platforms, the absence of disclosed interoperability commitments will be a key area to monitor as the deal progresses toward its expected H2 2026 close. The acquisition signals a broader shift among construction technology providers toward consolidating tools across the contractor lifecycle, particularly in infrastructure sectors where estimating, production tracking, and field reporting are tightly linked.
