Autodesk to Acquire Revit Technology Corporation

Acquisition Adds Complementary Technology for Building Industry

22 February, 2002 - Autodesk, the leading design software and digital content company, today announced its intention to acquire Revit Technology Corporation, a Massachusetts-based developer of parametric building technology for building design, construction and management, for $133 million cash. The addition of Revit software complements Autodesk's existing family of building industry applications with a parametric building modeller for customers to design, co-ordinate and integrate information about an entire building. The closing of the acquisition is subject to governmental and shareholder approvals.

"The acquisition will extend our reach to new customers while expanding our existing building industry business," said Carol Bartz, Autodesk chairman and CEO. "Our product line will offer the best drafting and model-based design capabilities on the market, ultimately helping designers, builders and owners better track and manage their building assets."

How Revit Technology and Autodesk Fit Together

The model-based approach to building design and management will result in breakthrough efficiency across building lifecycles, from design through construction and management. Autodesk Architectural Desktop (ADT) software supports the building model approach by incorporating design objects within a familiar AutoCAD environment. The increased productivity realised by ADT customers using integrated design objects has driven Autodesk's Building Industry Division growth over the last year.

With Revit, Autodesk customers will be able to take the next step toward a fully integrated model-based approach. Model-based design helps customers design, co-ordinate, and manage information about the entire building. This permits building information to become available for downstream functions like structural engineering, construction estimating and bidding and facilities management.

Revit is next generation technology and is well suited to specific customer segments like retail, hospitality, and construction - new customer targets for Autodesk - and complements Autodesk's current product offerings. As a result of the acquisition, Autodesk will be able to offer customers greater efficiency through technology at any point of a building's lifecycle:

* Autodesk Architectural Studio for digital drawing of design concept

* AutoCAD and AutoCAD LT for production drafting

* Autodesk Architectural Desktop and the building systems applications for increased productivity in detailed design

* Revit for parametric design and construction projects using integrated building models

* And ProjectPoint to manage building construction and management projects online

"Our combined technologies will be a catalyst for the worldwide building industry to adopt model-based design, construction and management," said David Lemont, Revit Technology CEO. "We can finally fulfil the longstanding desires of building professionals to achieve real process change. Building professionals will have the ability to integrate an intelligent building model into their practice and begin to use architectural design in downstream applications."

For financial implications of the transaction, please refer to Autodesk press release "Autodesk Reports Fourth Quarter Results" also issued today. This press release contains forward-looking statements about the expectations, beliefs, plans, intentions and strategies of Autodesk relating to the acquisition of Revit Technology. These statements reflect Autodesk's current beliefs and are based on current information available to Autodesk. The ability of Autodesk to achieve these business objectives involves many risks and uncertainties that could cause actual outcomes and results to differ materially. In particular, while the companies have executed a definitive agreement, there is no assurance that they will complete the transaction. If the companies do not receive the necessary government or stockholder approvals or fail to satisfy conditions for closing, the transaction will terminate. Other risks and uncertainties include the failure to achieve expected synergies and efficiencies of operations; employee retention and maintenance of the business of Revit Technology before the closing of the transaction; the ability to manage the integration of products and operations between Autodesk and Revit Technology; timely development and acceptance of products and services and their feature sets; and other risks that are described from time to time in Autodesk reports filed with the Securities and Exchange Commission.

About Revit Technology Corporation

Founded in 1997, Revit Technology Corporation has been revolutionising building design with Revit - the first parametric building modeller developed for the AEC industry. Revit's advanced parametric technology offers unprecedented ease of use in a product that has been designed to enable architects, engineers, owner/operators and construction professionals to transform the entire process by which buildings are designed, constructed and operated over their lifecycle. With offices in the United States and United Kingdom, and Revit Solutions Providers throughout the EU, the Middle East and Asia-Pacific, Revit's revolutionary building technology is in use by leading architectural, building and construction management firms such as Little & Associates Architects, George B.H. Macomber Company, NBBJ and WAT&G. 

www.revit.com

About Autodesk

Founded in 1982, Autodesk is the world's leading design and digital media creation, management and distribution company. The company serves a diverse portfolio of markets, including building design, geographic information systems, manufacturing, digital media and wireless data services. By delivering tools that foster innovation and creativity, Autodesk helps customers throughout the value chain leverage digital design data to work better, faster and smarter. Autodesk is one of the largest global software companies with annual revenues of $936 million. 

www.autodesk.co.uk

 

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