$27 billion Autodesk just acquired the Google and Sequoia-backed construction-startup PlanGrid (ADSK)

Autodesk will acquire the construction-productivity-software-startup PlanGrid for $875 million, the company announced Tuesday.PlanGrid was last valued at $419 million in a 2015 Series B.It was backed by investors GV (formerly Google Ventures), Sequoia Capital and Founders Fund.Autodesk, the $27 billion software company best known for its architecture program, AutoCAD, will acquire PlanGrid for $875 million, the company announced Tuesday.The transaction is expected to close during Autodesk's fourth quarter offiscal 2019, which ends on January 31, according to the company.Founded in 2011, PlanGrid is a GV (formerly Google Ventures) and Sequoia Capital-backed construction-productivity tool. The startup has since raised a total of $69 million. A Series B in 2015 valued the company at $419 million, according to PitchBook.PlanGrid is primarily mobile-first and lets teams work in real time from both in offices and at construction job sites to update project plans and field reports.Autodesk said in its statement it intends to integrate PlanGrid's software and its Autodesk Revit and Autodesk BIM 360 construction-management platform."At PlanGrid, we have a relentless focus on empowering construction workers to build as productively as possible," said Tracy Young, PlanGrid cofounder and CEO, in a statement. "One of the first steps to improving construction productivity is the adoption of digital workflows with centralized data. PlanGrid has excelled at building beautiful, simple field collaboration software, while Autodesk has focused on connecting design to construction. Together, we can drive greater productivity and predictability on the job site," she said.SEE ALSO:Wall Street thinks these 5 public software companies could get acquired in mega-deals amid the market downturnJoin the conversation about this storyNOW WATCH: Why you shouldn't be afraid to fly, according to a pilot with over 20 years of experience
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