HoloBuilder announces acquisition by FARO
Future Energy Ventures’ portfolio company HoloBuilder has been acquired by FARO, a global leader of 3D measurement, imaging, and realization solutions for manufacturing, construction, and public safety analytics industries.
HoloBuilder, a German-American start-up specializing in construction management technology for Architecture, Engineering & Construction (AEC) and public safety markets, delivers 360° image capture, registration, and viewing to the fast-growing Digital Twin market.
With an initial focus on Construction Management, HoloBuilder’s technology platform provides general contractors a solution to efficiently capture and virtually manage construction progress. Through their collaboration, HoloBuilder will reinforce FARO’s existing capabilities with their leading 3D construction management software.
HoloBuilder’s SaaS platform will provide construction managers fast and easy imaging to remotely capture and document project progress, combined with FARO’s highly accurate 3D laser scanning to create the industry’s first end-to-end Digital Twin solution. The combined solution will provide deliver robotic assembly 3D simulation, construction management, facilities operations and management, and incident pre-planning to the growing Digital Twin market.
“The high-value that digitalization brings to the AEC and Operations & Maintenance (O&M) industries creates a significant market opportunity for FARO,” said Michael Burger, FARO President, and CEO. “The addition of HoloBuilder to our offering accelerates the reality of a true end-to-end Digital Twin solution and advances our strategic objective of increased recurring revenue through market share gains in this large and growing segment.”
HoloBuilder and FARO together further our vision of digitizing the physical world to enable process automation and workflow optimization,” added Mostafa Akbari-Hochberg, HoloBuilder President & Founder. “The powerful combination of high accuracy laser scanning with real-time 360° photo capture and collaboration will empower both Company’s customer bases with a comprehensive Digital Twin solution.”
Under the terms of the agreement, HoloBuilder shareholders received a cash payment of $34 million. As of April 30, 2021, HoloBuilder had $4.0 million in annual recurring revenue with a compounded annual growth rate of nearly 75% since 2019. The transaction closed on June 4 and was funded with available cash reserves. Alantra acted as an exclusive financial adviser to HoloBuilder.
For 40 years, FARO has provided industry-leading technology solutions that enable customers to measure their world, and then use that data to make smarter decisions faster. FARO continues to be a pioneer in bridging the digital and physical worlds through data-driven reliable accuracy, precision, and immediacy. For more information, visit www.faro.com.
As a pioneer in its space, HoloBuilder is a San Francisco-based technology firm that designs, develops, and sells enterprise software, making use of 360° photos, machine vision, and artificial intelligence. HoloBuilder has customers in over 35 countries and, to date, users have documented more than 28,000 projects. For more information, visit www.holobuilder.com.