Bim) Software Vendors

NKP NORDIC KNOWLEDGE PARTNERS

TARGET SCREENING REPORT

August 2018

SCOPE NORDIC BUILDING INFORMATION MODELLING (BIM) SOFTWARE VENDORS

CREATED FOR SHOWCASE REPORT

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Caroline Sofie Kihlgren csk@nordicknowledgepartners.com (+45) 28 80 38 26

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NORDIC BUILDING INFORMATION MODELLING (BIM) SOFTWARE PROVIDERS

August 2018

Current industry dynamics 3

Part I - Norway 4 coBuilder International 4

Graphisoft Norway - Arktis AS 5

Imerso AS 6

Data Design System AS 7

Part II - Sweden 8 StruSoft AB 8

BIMobject AB 9

Part III - Finland 10 Vertex Systems Oy 10

Leanheat Oy 11

Progman Oy (MagiCAD & MagiCloud) 12

Part IIII - Denmark 13 Dalux ApS 13

Current industry dynamics

“You can see the parallels with the vehicle industry, which was able to streamline its production processes at an early stage. 8-10 years ago the construction industry started heading in the same direction, and now things are moving fast” Industry expert

An increasing number of smaller BIM players are popping up across the Nordic countries, focusing on digitising a number of work-streams in the construction process, from design to installation. The CAPEX required to succeed and the opportunity to dominate a new paradigm may encourage industry-wide consolidation. The aim of this report is to give an overview of some of the newer interesting players in the market.

Key trends in the construction industry driving opportunities for Nordic BIM players:

● The construction industry, often seen as a relatively conservative field, has over the last few years started to change rapidly. New technology has become available, and it is helping to make construction processes both simpler and easier to manage

○ “You can see the parallels with the vehicle industry, which was able to streamline its production processes at an early stage. Eight to ten years ago, the construction industry started heading in the same direction, and now things are moving fast”, says Industry Expert 1, Head of Training in Construction Technology and Community Construction at Yrgo in Gothenburg

● The term BIM has been common parlance in the construction industry for some time, and the next step is allowing the use of digital models as legal documentation. Industry Expert 2, Head of CAD and BIM at Sweco Systems, believes that BIM needs to be assigned the same status as PDFs have been for the 2D world.

○ According to Industry Expert 2 “ Paper plans have been standardised. We now need to standardise BIM in the same way so that digital plans can be classed as legally binding documents. The problem is that this kind of thing is often used for the big prestige projects, whereas it’s actually much easier to apply on a smaller scale. The calculations and quantity take-off need to be right”.

● The use of Virtual Reality in construction projects is becoming increasingly common. For example, you can now take a VR stroll around the Slussen area of Stockholm and see how it will look once the extensive redevelopment project is complete

○ According to Industry Expert 1, “VR helps to provide a better understanding of the project for everyone involved: builders, decision-makers and residents alike. This technology is going to see heavy expansion, and the function will be built into mobile phones. Instead of putting on a pair of big VR glasses, all you’ll need to do is hold up your phone”

○ In addition, “MR stands for Mixed Reality, which is a combination of VR and AR. This means that the virtual object in question is anchored so well in reality that it seems to be part of the real world – just like a hologram. This technology will also be important for the installation industry” ( Industry Expert 1)

Sources: https://www.magicad.com/wp-content/uploads/2018/06/6-trends-construction-industry-EN.pdf

Part I - Norway coBuilder International https://cobuilder.com

Company Profile ● Privately owned software company providing IT solutions for the construction industry ● coBuilder’s mission is to facilitate collaboration between the different actors within the construction process, based on structured, accurate data, using modern technologies such as BIM ● The company specialize in the development of effective information systems for handling and creating the digital product data that is required by all major actors in the construction industry ● Operates in Norway, Finland, Germany, UK, France, Italy and Bulgaria ● Founded in 1997 and owned by Jarkollen AS (Petter Island) ● HQ based in Oslo, Norway

Products/Services ● 2.5 million products in the categories coBuilder Define, co Builder Specify, co Builder Plugins, co Builder Connect, co Builder Collaborate and co Builder Deliver

Key Customers ● Serves customers in the construction industry ● Delivered to 70, 000 Projects and 20, 000 users

Key Stats ● Revenue: NOK 45m (2017) (Source: Brønnøysundregistrene) (company annual ● EBIT: NOK 1.8m (2017) (Source: Brønnøysundregistrene) report) ● Year-on-year revenue growth: 18% ● +50 FTEs, 17 based in Norway

Key Stakeholders ● CEO - Lars Christian Fredenlund ● CEO (UK) - Peter Foster Jnr ● CEO (International) - Bistra Papazova ● CEO (France) - Frederic Grand ● Board of Directors - Lars Rahbæk Boilesen

Graphisoft Norway - Arktis AS https://graphisoft.no/

Company Profile ● GRAPHISOFT ignited the BIM revolution in 1984 with ArchiCAD, the industry’s first BIM software for architects

● Graphisoft develops, markets, sells, and supports building information modeling (BIM) and computer aided architectural design software solutions for architects and designers

● HQ based in Oslo, Norway and owned by Hancon AS (Halvor Sandbu)

● Founded in 1991 (Marketed under Graphisoft from 2008)

Products/Services ● Norwegian distributor of ARCHICAD, ArchiFrame, ArchiFM, ArchiTerra, Artlantis, BIMcontact, BIMx, Cinema 4D, Flexijet and Solibri Model Checker ● In addition to various open courses in the use of their tools, the company offer tailor-made courses, project support and other support services to customers and others

Key Customers ● Traditionally, architects have been the largest customer group (market share of appr. 60%) ● In recent years, the company have experienced a strong and sustained growth among contractors, Norwegian houses and cottage manufacturers

Key Stats ● Revenue: NOK 56m (2017) (Source: Brønnøysundregistrene) ● EBIT: NOK 15m (2017) (Source: Brønnøysundregistrene) ● Year-on-year revenue growth: 9.8% ● Credit Rating: AAA ● 17 FTEs

Key Stakeholders ● CEO - Halvor Sandbu ● Chairman of the board - Halvor Sandbu ● Major shareholder - Hancon AS

Imerso AS www.imerso.com

Company Profile ● Imerso is a computer-vision company challenging the global construction industry with intelligent Digital Twins of building-sites ● The company's goal is to establish a new standard of building and managing properties combining the latest Reality Capture and Machine Learning Technologies ● HQ in Oslo, Norway ● Founded 2014 by Frederico Almeida (majority shareholder)

Products/Services ● Offers a construction management software that creates an intelligent twin of the building site ● The software enables companies to monitor the field progress in real-time, detect construction errors and delays and keep all field-work well documented

Key Customers ● Services several of the largest players in the Nordics, within Architecture, Engineering, Construction and Energy

Key Stats (company ● Revenue: NOK 3.6m (2017) (Source: Brønnøysundregistrene) annual report) ● EBIT: NOK -1.3m (2017) (Source: Brønnøysundregistrene) ● 2016 revenue: NOK 0.7m ● 15 FTEs

Key Stakeholders ● Founder & CEO - Frederico Almeida ● Founder & CTO - Simen Andressen ● Founder & COO - Sarah Muller

Data Design System AS www.dds-cad.com

Company Profile ● Data Design System (DDS) develops innovative BIM solutions serving the building and construction industry ● With more than 15.000 users world-wide, DDS is one of Europe's leading BIM software providers ● DDS was acquired by the Nemetschek Group in 2013 (German lisred construction-software group w. EUR 394m in 2017 revenue) ● The company has 7 offices in Norway, Austria, Germany and the Netherlands and 10 distribution partners in Australia, New Zealand, Italy, Poland, Latvia, Lithuania, Slovenia & Spain ● Founded in 1996 ● HQ based in Stavanger, Norway

Products/Services ● DDS has two main product lines: DDS-CAD MEP (Mechanical, Electrical, Plumbing) is a BIM authoring tool for MEP with integrated calculations and interdisciplinary coordination. This also includes the building envelope, which is necessary for energy calculations etc. ● The other product line is DDS-CAD Architect & Construction which is a highly specialized solution to handle typical Scandinavian style residential units

Key Customers ● +15, 000 users worldwide

Key Stats ● Revenue: NOK 56.5m (2017) (Source: Brønnøysundregistrene) (company annual ● EBIT: NOK 16m (2017) (Source: Brønnøysundregistrene) report) ● EBIT Margin: 27.5% (Source: Brønnøysundregistrene) ● 111 FTEs

Key Stakeholders ● CEO - Bjørn Kristian Stangeland ● Board of Directors - Geir Worum

Part II - Sweden

StruSoft AB www.strusoft.com

Company Profile ● StruSoft makes life easy for -building, structural design- and architectural engineers who work with analysis and design of buildings, structural engineering, 3D modeling, detailing, assembly etc

● The company’s highly specialized software in “Structural Analysis & Design” – all essential tools for the entire building industry of construction companies, engineering firms and consulting companies

● Markets its products under the brands; WIN-Statik, FEM-Design, Dimension, VIP-Energy, IMPACT and BIMContact

● StruSoft has local sales and support offices in Sweden, Denmark, UK, Estonia, India, Turkey and United Arab Emirates

● HQ based in Malmö, Sweden and owned by management Paul Rehn, Leif Holmstrand and Håkan Hansson

● Founded in 2002 as a spin-off from Skanska (“Skanska Software”)

Products/Services ● StruSoft’s software comes in 5 applications – FEM-Design, WIN-Statik, PRE-Stress, IMPACT and VIP-Energy ● All proprietary software packages are built upon 30 years of experience, close corporation with its clients and a visionary and innovative approach to structural analysis and design

Key Customers ● +10,000 users with +1,000 clients in +20 countries

Key Stats ● Revenue: SEK 77.4m (2017) (Source: allabolag) (company annual ● EBIT: SEK 12.6m (2017-12) (Source: allabolag) report) ● Year-on-year revenue growth: 140% ● 104 FTEs

Key Stakeholders ● CEO – Paul Lennart Rehn ● Board of Directors - Mats Vilhelm Lövgren

BIMobject AB www.bimobject.com

Company Profile ● BIMobject AB operates a cloud based content platform for the construction industry worldwide ● BIMobject AB is part of a group of 13 companies and the group parent company is StruSoft AB ● HQ based in Malmö, Sweden ● Founded in 2011 by CEO Stefan Larsson and today listed on the First North (“small companies”) stock exchange in Stockholm with a market cap of 3.4b SEK

Products/Services ● The company offers BIMobject Cloud, an Internet based central database that holds various BIM objects information and BIM files ● BIManalytics Core, a pre-sales, business, and marketing analytics tool ● BIMobject Product Site, a microsite for building and interior product manufacturers to create and maintain their digital product catalogue on their Website ● BIMobject Hercules, a cloud solution for large companies to develop, organize, structure, standardize, manage, publish, and syndicate their BIM objects ● BIMobject Properties that allows the manufacturer to add properties, such as classification systems ● BIMobject Mosquito to create BIM objects in the BIMobject Cloud a.o.

Key Customers ● Serves product manufacturers in the AEC industry, architects, engineers, constructors and designers

Key Stats ● Revenue: SEK 87m (2017-12) (Source: allabolag) ● EBIT: SEK -50.4m (2017-12) (Source: allabolag) ● Year-on-year revenue growth: 147% ● 129 FTEs

Key Stakeholders ● CEO - Thor Stefan Larsson ● Board of Director - Anders Wilhjelm

Part III - Finland

Vertex Systems Oy www.vertex.fi

Company Profile ● Internationally operating Vertex Systems Oy provides highly efficient software products for technical design and data management ● The company assist industrial companies in streamlining and reengineering their processes by automating their product design, information management, manufacturing and construction processes ● The company operates in Asia, Australia, Europe, and North America ● HQ in Tampere, Finland ● Founded in 1977 and owned by founders, including Mikael Piekkala

Products/Services ● Vertex Systems provides high quality Computer Aided Design and Product Data & Lifecycle Management software solutions for various fields of industries across the globe ● The company’s services include design, drawing and modeling, project drawing and model archives, component and part databases, word processing and documentation, and development tools for customer's individual applications

Key Customers ● Vertex software products are used in machinery and equipment manufacturers of metalworking industry, building and furniture industry, process industry and energy production as well as the corresponding engineering companies ● 2,000 customer and 18, 000 users in 37 countries

Key Stats ● Revenue: EUR 6.7m (2016) (Source: Asiakastieto) ● EBIT: EUR 0.5 +1% (2016) (Source: A siakastieto) ● Year-on-year revenue growth: -2.4% ● 70 FTEs

Key Stakeholders ● CEO - Mikael Piekkala

Leanheat Oy www.l eanheat.com

Company Profile ● Leanheat is a pioneer within building maintenance, offering smart solutions for energy efficient building management ● It is the world’s largest IoT solution for collective heating, powered by Internet of Things (IoT) and artificial intelligence (AI) technologies ● The company ensures stable indoor conditions, makes building maintenance predictive and efficient and at the same time saves heating energy ● In 2016 Danfoss initially acquired a 23% stake in privately-held which was increased to 46% in 2016 (remainder owned by founders) ● Founded in 2011 ● HQ in Helsinki, Finland

Products/Services ● Fully automated and self-learning, Leanheat’s solution provides real-time optimization not only for individual buildings, but entire clusters of apartment buildings – while at the same time giving the opportunity for district heating companies to serve their customers more efficiently and with a smaller carbon footprint

Key Customers ● Private households, schools, gas stations, fire stations and city halls

Key Stats ● Turnover: EUR 4.1m,(2017) (Source: A siakastieto) (company annual ● EBIT: EUR 0.41m (2017) (Source: Asiakastieto) report) ● Year-on-year revenue growth: +42% ● 19 FTEs ● Installed in 40,000 Apartments

Key Stakeholders ● CEO – Jukka Aho ● VP Sales, Finland - Pekka Paaskunta ● Business Development Manager – Ossi Porri ● Partnership Director – Minna Näsman ● VP Sales, International - Vesa Jaakkola ● Marketing Manager - Hanna Laurila

Progman Oy (MagiCAD & MagiCloud) www.magicad.com

Company Profile ● Progman specialises in software and services for the building industry by offering an integrated Building Information Modelling (BIM) software platform, MagiCAD ● MagiCAD offers powerful Mechanical, Electrical and Piping design functions and integrated calculations for Revit and AutoCAD and is used by +3,800 companies in +80 countries around the world ● In addition, the company offers a BIM library, MagiCloud, that enables access to +1,000,000 manufacturer-verified products from 250 globally renowned manufacturers ● Progman is part of the Chinese Glodon Group Company (acquired in 2014) ● Founded in 2006 ● HQ in Turku, Finland

Products/Services ● Offering a Building Information Modelling (BIM) software, MagiCAD, for Mechanical, Electrical and Piping design functions and integrated calculations for Revit and AutoCAD ● Offers a BIM library, MagiCloud, that enables access to +1,000,000 manufacturer-verified products from 250 globally renowned manufacturers

Key Customers ● +20,000 licences are in use by building services designers in +80 countries worldwide (Europe, China, the Middle East a.o.) ● Ramboll, ÅF, COWI, Sweco, Efla, Waldeck, Politecnica, TB Poland

Key Stats ● Revenue: EUR 10.2m, +23.5% (2016/12) (Source: Suomen Asiakastieto) ● EBIT: EUR 0.2m (2016/12) (Source: Suomen Asiakastieto) ● Year-on-year revenue growth: -1% ● 88 FTEs ● Acquired AAA rating for several years

Key Stakeholders ● Managing Director - Jukka Nyman ● Area Manager Scandinavia - Andreas Flyborg ● Production Manager - Timo Salo

Part IIII - Denmark

Dalux ApS www.dalux.com

Company Profile ● Copenhagen-based Dalux has capitalised upon Denmark’s early BIM adoption and the smartphone explosion to provide user-friendly BIM working, including augmented reality, on mobile devices

● Dalux is a developer of mobile BIM and related Software-as-a-Service construction collaboration technologies

● HQ based in Copenhagen, Denmark

● Founded in 2005 by Torben Dalgaard (majority shareholder)

Products/Services ● Dalux Build - The complete and most user-friendly solution for project management in construction ● DaluxFM is a BIM-based Facilities Management-system (CAFM/CMMS) with Work Order Management, HelpDesk, Planned Maintenance, Asset Management, Energy Management with user friendly mobile apps. ● Dalux BIM viewer - free for everyone - BIM models with both internal and external colleagues

Key Customers ● Mainly serves construction companies in Denmark and the Nordic region, but are expanding in the UK and Germany ● +10, 000 users, including people in 13 of the 50 biggest contractors in Europe ● Recently landed a large contract with installer Bravida

Key Stats ● Gross Profit: DKK -12.6m (2017) (SOURCE: Proff) ● EBIT: DKK -0.6m (2017) (SOURCE: Proff) ● 20-49 FTEs

Key Stakeholders ● CEO & Founder - Torben Dalgaard ● CEO - Bent Larsen Dalgaard ● Advisory Board - Jesper Hart-Hansen

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Disclaimer

All statements of fact, opinion, or analysis expressed in this report are those of the respective analysts; they do not necessarily reflect formal positions or views of Nordic Knowledge Partners.

The Information used and statements of fact made are not guarantees, warranties or representations as to their completeness or accuracy.

Nordic Knowledge Partners assumes no liability for any short term or long terms decision made by any clients based on the analysis included in our reports.

For the avoidance of doubt; this is an outside-in analysis supported by inputs obtained from independent industry experts with knowledge of the BIM industry. Nordic Knowledge Partners do not have any stake in, or special relation to, or inside information about, any of the companies presented in this report, or representatives, owners and employees of the companies.