thinkproject completes its second major UK acquisition to grow its mobile construction field data capture capabilities.
Munich, Germany-based construction collaboration SaaS technology provider thinkproject recently announced (6 April 2021) its acquisition (for an undisclosed amount) of the London-based software developer, Digital Field Solutions, creator of the mobile application Formworks.
The deal comes nearly three years after thinkproject acquired Gloucester-based contract change management specialist CEMAR (May 2018 post) and six months after Swedish international investment group EQT took a majority stake in the German business (EQT takes majority stake in thinkproject).
Formworks ‘low-code’ environment
Digital Field Solutions was established in London in 2005. Formworks is a self-service application builder and workflow solution that enables rapid process automation. Users can configure customised mobile and web forms that can be linked to multiple data sources, including SQL environments, CRM, ERP and third-party software solutions.
In the architecture, engineering and construction (AEC) sector, access to complex logic, calculations and validation can be critical. New data may need to be captured and validated in environments where there is often limited or no internet connectivity, or where security measures make it difficult to use technology to capture and collect the data needed. Formworks can quickly solve data collection challenges by providing users with a low-code environment in which they can build their own custom applications to capture, validate and share complex field data.
Formworks uses powerful browser-based technology to digitise dynamic forms and workflows through a simple interface. All regularly used business forms can be made available to all stakeholders involved in construction projects across multiple devices and platforms.
Michael Bischoff, CTO of Thinkproject, says:
“Since its launch, Formworks has won numerous awards and is used by clients in construction, financial services, real estate, utilities, training, social care, maintenance and manufacturing. We are delighted to welcome the Digital Field Solutions team to Thinkproject and look forward to continuing to enhance and develop Formworks for both existing and new customers with a specific focus on the AECO lifecycle. We see significant potential for customers to combine dynamic forms creation and data integration to Thinkprojects application portfolio to drive their digitisation efforts.”
Tim Howard, co-founder of Digital Field Solutions, says:
“We are very proud to be part of Thinkproject’s expansion strategy. Formworks is an excellent extension of Thinkproject’s construction intelligence solutions to solve data collection and validation challenges for construction teams across the three phases of design, build and operate. … Becoming part of a large, successful software group will enable us to accelerate the development of Formworks to meet the rapidly evolving needs of all our clients and provide us with the platform to extend our reach into new territories and sectors across Europe.”
Now over 20 years old, thinkproject continues to grow, achieving revenue growth of approximately 40% in 2020, despite the difficult market conditions caused by the COVID-19 pandemic (see thinkproject news), and now has almost 500 employees worldwide in 18 offices in 11 countries,
Following the EQT investment,the management team has been expanded, with chief marketing officer Karolin Beck (ex Sauce Labs and Microsoft, right) the first woman to join the company’s executive team, and CTO Michael Bischoff (ex eFront and Sage) leading development of thinkproject’s construction intelligence platform. The business’s new board is chaired by Patrik Heider, who has been joined by ex-Siemens executive Janina Kugel and CCO of IFS AB Michael Ouissi, as well as private equity executives Florian Funk, Morgan Seigler and Stefan Dandl.