Nemetschek and GoCanvas: the deal and the construction software transition

Nemetschek announced an agreement on Jun 6, 2024, to acquire all the shares in GoCanvas, extending its construction software business into mobile field operations. Shares in the software developer from Germany rose 5.5% during the session. At that point they were heading for their strongest day since February if those gains held. The proposed cash- and debt-free valuation was approximately 11.5 times GoCanvas' annual recurring revenue for 2023, which stood at $67 million. Annual recurring revenue was the denominator for that valuation multiple.

What Nemetschek agreed to buy

GoCanvas was based in Reston, Virginia, in the United States, and had more than 300,000 active users worldwide in the first quarter of 2024. Its mobile and cloud tools supported digital checklists, inspections and collection of information from worksites. The acquisition agreement covered all shares in GoCanvas Holdings. Nemetschek planned to fund the transaction using its cash resources and existing credit facilities. Completion was initially expected during summer 2024, subject to regulatory approvals and customary closing conditions; the businesses were to remain independent until then. GoCanvas had recorded annual recurring revenue growth of around 20% in recent years, with an operating margin below the buyer's average. Nemetschek expected growth to remain around that level and margins to improve through scale, synergies and operating leverage. Those were transaction-time expectations. Chief executive Yves Padrines described the field workforce market as an extension of the group's existing construction portfolio. Acquisition terms

Closing and the field software business

The purchase closed on Jul 1, 2024, and Nemetschek announced completion the following day. GoCanvas joined the Build & Construct portfolio with an entirely software-as-a-service offering. Its products connected office staff and field workers through collection, reporting and integration of site data. The company's stated purposes included replacing paper processes and simplifying inspections, with safety and compliance among the workflows addressed. GoCanvas had been founded in 2008 and employed more than 300 people, with locations in the United States, Canada, Australia and South Africa. Nemetschek intended the combination to extend its presence in the American market while using its own footprint to support GoCanvas' expansion in Europe and Asia-Pacific. The buyer also expected the acquired subscription business to accelerate its shift towards recurring revenue. The commercial and operational benefits were objectives that the companies expected from the combination.

The subscription transition before consolidation

Nemetschek's financial results for the first half of 2024 preceded GoCanvas' entry into its consolidated revenue. Group revenue reached EUR451.6 million, up 9.6% as reported and 10.0% at constant currency. Recurring revenue accounted for 85.3% of the total. Within Build, Bluebeam's subscription and SaaS revenue more than doubled, while the segment's total revenue rose 9.9% to EUR142.2 million. Its EBITDA margin was 32.6%, including acquisition-related one-off costs. At group level, second-quarter EBITDA was EUR61.4 million and the reported margin was 27.0%; excluding one-off acquisition costs, that margin was 29.4%. In July, management expected GoCanvas to add around three percentage points to full-year revenue growth and dilute the EBITDA margin by around 100 basis points. Purchase price allocation under IFRS was expected to reduce its second-half revenue and EBITDA contribution by a high single-digit million-euro amount. That accounting assessment was not yet final, and the guidance assumed no significant deterioration in economic or industry conditions.

The first consolidated quarter

GoCanvas first appeared in the group's consolidated quarterly results in the third quarter of 2024. Build revenue reached EUR96.2 million, an increase of 33.5% as reported; organic growth, excluding GoCanvas, was 14.6%. The segment's reported EBITDA margin was 31.5%, compared with 37.7% on an organic basis. Across the group, revenue increased 15.1% to EUR253.0 million, while organic revenue growth was 8.9%. Subscription and SaaS revenue rose 94.3% to EUR150.3 million, including organic growth of 77.5%. Annual recurring revenue reached EUR883.3 million. The acquisition also affected expenses below EBITDA: quarterly net income fell 12.8% to EUR39.3 million, reflecting higher amortization from purchase price allocation and financing costs associated with the transaction. Management expected Bluebeam's subscription transition to produce a stronger fourth-quarter comparison because the corresponding 2023 quarter contained almost no license revenue. That was a forecast about the comparison base, alongside continued trading, rather than a separate sales contribution from GoCanvas.

Full-year results for 2024

By the end of 2024, Build's annual revenue had reached EUR340.7 million, up 28.4%, including organic growth of 18.0%. Its reported EBITDA margin was 31.8%, while the organic margin excluding GoCanvas was 34.6%. Group revenue totalled EUR995.6 million, an increase of 16.9% as reported and 17.2% at constant currency. GoCanvas contributed approximately three percentage points to group revenue growth; organic, currency-adjusted growth was 14.0%. Annual recurring revenue reached EUR1,019.9 million and recurring revenue represented 86.5% of annual sales. Group EBITDA was EUR301.0 million, with a reported margin of 30.2%. The initial outlook for 2025, issued in March, anticipated constant-currency revenue growth of 17%–19%, including about 350 basis points from GoCanvas, and an EBITDA margin around 31%. Acquisition accounting was still expected to reduce GoCanvas' contribution during the first half of 2025. The forecast depended on economic and industry conditions and excluded additional negative effects from ongoing geopolitical crises.

Cloud distribution and product connections

A partnership announced on Apr 28, 2025, added Google Cloud to Nemetschek's group-level technology and distribution initiatives. The companies organized the collaboration around AI and cloud innovation, global market expansion, and efficiency and sustainability. Nemetschek planned a multi-cloud ecosystem with an AI layer across its brands. Marketplace initiatives covered Google Cloud Marketplace and Google Workspace Marketplace, with Bluebeam, GoCanvas, Spacewell and Vectorworks among the participating brands. The programme was intended to widen access for small and medium-sized architecture, engineering and construction businesses as well as large enterprises. Geographic expansion objectives included India and Saudi Arabia. Nemetschek also set out principles for AI adoption covering privacy and data governance, intellectual property and creativity, and business integrity. Other parts of the partnership addressed geospatial information for planning and energy efficiency in building operations. These were announced initiatives and intended capabilities, rather than a statement that every brand's integration was already available or that a particular customer had achieved a measured environmental saving.

The first half of 2025

The acquisition comparison remained especially visible in the first half of 2025, because the corresponding 2024 period contained no GoCanvas revenue. Build's second-quarter revenue rose 56.5% as reported, or 63.0% at constant currency, to EUR116.8 million. Organic growth was 30.7%, or 35.9% at constant currency. Its reported EBITDA margin was 34.1%, with an organic margin of 36.2%. Group revenue for the half-year reached EUR572.8 million; organic, constant-currency growth was 19.5%. Recurring revenue represented 92% of total sales. Group EBITDA was EUR169.1 million, with a 29.5% margin. An unexpected service and payment provider insolvency produced an extraordinary non-operating effect in the low teens of millions of euros; excluding it, the half-year margin would have been 31.5%. In July, management raised its annual constant-currency revenue growth outlook to 20%–22%, including around 450 basis points from GoCanvas, while retaining a margin target around 31%. The outlook remained conditional on macroeconomic and industry circumstances and did not incorporate potential adverse effects from escalating tensions or higher tariffs.

Interoperability with Procore

Bluebeam announced two Procore integrations on Sep 23, 2025. Procore Documents + Bluebeam allowed users to mark up files held in Procore Documents and save changes back to that system automatically. Files could also enter Bluebeam Studio Sessions for collaborative review. Procore Submittals + Bluebeam connected the submittals workflow with Studio Sessions: teams could launch reviews from Procore, work together on PDF documents and return the marked-up files automatically. The integrations were designed to preserve the document trail while reducing manual transfers. Other Nemetschek brands addressed separate parts of the same project environment. GoCanvas supported automated mobile data collection and safety workflows, while SiteDocs connected compliance records and safety forms with projects. Solibri CheckPoint added cloud-based model checking and issue management for Revit and IFC models. A dRofus and Novorender workflow linked building information with visualization. The providers presented those functions as intended workflow improvements, without quantified customer productivity results.

Comparisons change after the acquisition anniversary

The third quarter of 2025 compared two periods that both included GoCanvas. Build revenue rose 26.6% as reported, or 33.5% at constant currency, to EUR121.8 million. Its EBITDA margin increased to 37.7%, from 31.5% a year earlier. For the first nine months, segment revenue was EUR351.1 million, up 47.2% as reported. Nemetschek attributed part of that nine-month growth to GoCanvas' acquisition contribution during the first half, while explaining that temporary effects from Bluebeam's subscription transition were fading as the comparison base rose. Group third-quarter revenue reached EUR293.1 million and subscription and SaaS revenue was EUR211.1 million. The group also added Firmus AI through Bluebeam during that quarter. Its stated application was AI-based risk detection during preconstruction design reviews, integrated with PDF workflows. Nemetschek expected that functionality to help reduce rework; the expected benefit was separate from the segment's recorded revenue and earnings, and was not a measured acquisition synergy.

Task Link connects drawings with field work

On Dec 9, 2025, Bluebeam introduced Task Link, a native connection between Revu and GoCanvas. The company described it as the first major milestone in combining the two products into a shared office-to-field workflow. Office teams could send tasks from Revu, while field teams used GoCanvas forms to supply photos, videos, signatures and structured information. Status changes and notifications connected the work back to drawing markups. Availability required an active GoCanvas subscription alongside a Bluebeam subscription. The same announcement covered both latest and upcoming mobile enhancements. Listed iOS functions included length, area, polylength and count measurements, basic PDF form filling and offline access to Studio Projects. Android additions included image markups, a precision pen eraser and support for local PDF files. The mobile functions spanned different delivery stages, with some classified as upcoming enhancements at the announcement date. Task Link launch

Accounts, forms and task records

The GoCanvas Task Link guidance updated on Dec 3, 2025, specified Revu 21.8 as the required version; earlier Revu releases did not include the integration. GoCanvas accounts were needed by office users building forms, office users dispatching tasks from Revu, and workers completing those tasks in the field. Anyone scheduling and linking tasks from Revu also needed a Bluebeam account. The available functions included:

• assigning tasks using forms already created in GoCanvas;
• linking existing tasks to drawing markups;
• tracking progress in the Task Link panel and markup list;
• exporting packages or collated PDFs containing drawings and tasks.

A form had to be published and assigned to the people who needed access, including its author where applicable. Forms and submissions were stored on GoCanvas servers. Support responsibilities were divided: GoCanvas handled forms, dispatch configuration and user management, while Bluebeam handled Task Link's behaviour within Revu. GoCanvas Lite for Task Link was a subscription tier intended for this connection.

A full year of ownership in 2025

GoCanvas contributed for twelve months in 2025, compared with six months in 2024. Build's annual revenue reached EUR481.3 million, up 41.3% as reported and 46.6% at constant currency. Segment EBITDA was EUR172.1 million, with a 35.8% margin. Nemetschek also attributed part of the year's growth to temporary positive effects from Bluebeam's completed subscription transition, especially during the first half. Group revenue reached EUR1,191.2 million, up 19.7% as reported and 22.6% at constant currency. Subscription and SaaS revenue was EUR858.7 million; the broader recurring revenue share reached 92.2%. Group EBITDA was EUR371.1 million and the margin was 31.2%, including an extraordinary non-operating effect from the payment provider insolvency. Operating cash flow reached EUR402.9 million. In March 2026, management forecast organic constant-currency revenue growth of 14%–15% and a margin of 32%–33% for 2026, conditional on economic and industry conditions and assumptions about the Middle East conflict.

Build's performance in early 2026

The first quarter of 2026 brought Build revenue of EUR134.7 million, up 19.8% as reported and 29.8% at constant currency. Segment EBITDA reached EUR53.2 million, with a 39.5% margin. Bluebeam launched its agentic AI product suite, Bluebeam Max, as Nemetschek continued expanding the construction software portfolio beyond the original GoCanvas purchase. Group revenue was EUR313.1 million, up 10.7% as reported and 17.0% at constant currency; the weaker dollar contributed to the difference between those growth rates. Group EBITDA reached EUR98.4 million and the margin was 31.4%. That result already included costs relating to the proposed HCSS acquisition, announced in April to extend the infrastructure and heavy civil construction offering. HCSS had not yet closed at the time of the quarterly release, and its consolidation effects were to be communicated after completion. The previous-year quarter also included the extraordinary effect associated with the service and payment provider insolvency.

The portfolio at the 2026 half-year

By the first half of 2026, Build revenue had reached EUR277.7 million, up 21.1% as reported and 27.1% at constant currency, with a 39.8% EBITDA margin. Group revenue was EUR640.7 million. These half-year results preceded HCSS' consolidation on Jul 1, 2026. In July, management retained its organic annual revenue growth outlook of 14%–15% at constant currency and its margin range of 32%–33%, then separately estimated around 600 basis points of additional revenue growth from HCSS, including purchase price allocation effects. It expected approximately 150 basis points of dilution from the midpoint of that margin range. Those acquisition estimates remained subject to final purchase price allocation. The group's second-quarter reported EBITDA margin was 30.1%, or 31.0% excluding acquisition one-offs. That adjustment still included a separate transactional currency effect in the high single-digit millions of euros from revaluing non-functional-currency assets and liabilities. Half-year results and outlook

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