BOSTON & MUNICH--(EON: Enhanced Online News)--TA Associates, a leading global growth private equity firm, today announced it has completed an investment in think project! GmbH, a provider of cross-enterprise collaboration and workflow software to the construction and engineering industries. Financial terms of the transaction were not disclosed.
“Since our founding, think project! has continuously strived to serve our customers and to help them achieve their goals by catering to their individual needs”
Founded in 2000, think project! offers a SaaS, multi-tenant platform used by more than 100,000 users across over 8,000 projects in 40 countries. think project! delivers a readily available and shapeable common data environment (CDE) for construction and engineering projects. The holistic and highly flexible solution portfolio is based on cutting-edge technology. think project!’s solutions are building information modeling (BIM)-enabled, offer application program interfaces (APIs) for close integration with other business applications and can be accessed via multiple touchpoints and devices. think project! currently supports asset owners and general contractors across more than 20 sectors, including the energy and automotive industries, infrastructure and government projects. The company has approximately 200 employees across its Munich headquarters, R&D center in Berlin, and regional sales offices in Spain, Poland, Austria, the Netherlands and France.
“We believe think project! is an exceptional company that has established itself as a leading provider in a relatively unique, yet rapidly growing sector,” said J. Morgan Seigler, a Managing Director at TA Associates who will join the think project! Board of Directors. “Under the direction of Thomas Bachmaier and his talented management team, think project! has enjoyed consistent growth in its core German market and internationally. We are delighted to partner with a company with such a strong foundation and welcome the opportunity to support the continued evolution of think project!.”
“Since our founding, think project! has continuously strived to serve our customers and to help them achieve their goals by catering to their individual needs,” said Thomas Bachmaier, Chief Executive Officer and Co-Founder of think project!. “We would like to thank Co-Founder and former investor, WALTER Beteiligungen und Immobilien AG, for their historical support, and are confident that our new partnership with TA Associates will serve to strengthen our brand and further our growth. We are thrilled to begin working with such an experienced and well-respected firm, and look forward to benefiting from TA’s valuable insight and support.”
The global addressable market for construction collaboration software is estimated by Frost & Sullivan at $5.6 billion with a current penetration of less than 10%, implying a present market size of roughly $500 million. According to research from PwC, the global infrastructure construction market is expected to grow 6.5% annually to $9 trillion by 2025.
“With our focus on investing in profitable, growing businesses, construction software is a highly attractive sector for TA,” said Naveen A. Wadhera, a Managing Director at TA Associates. “Given its well-established presence in Germany and accelerating growth in Spain, Poland, the Benelux countries and elsewhere, we believe think project! is well positioned as a market leader in continental Europe. We look forward to working with the think project! management team, building on their success to date and furthering the company’s expansion through organic and inorganic growth.”
GCA Altium served as financial advisor and Noerr LLP served as legal counsel to think project!. Willkie Farr & Gallagher LLP served as legal counsel to TA Associates.
About think project! GmbH
Founded in 2000, think project! is a cloud solution for cross-enterprise collaboration and information management, tailored to the needs of construction and engineering projects. The name think project! stands for both a flexible software solution, which can be adapted to individual needs with little effort, and a team of specialists who implement cross-enterprise collaboration according to their customers’ individual requirements. think project! offers an immediately accessible common data environment for all project participants, enabling effective cross-enterprise collaboration processes and the networking of information and data. For more information, please visit www.thinkproject.com.
About TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 470 companies around the world and has raised $24 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the consumer, business services, financial services, healthcare and technology industries. More information about TA Associates can be found at www.ta.com.