---
title: "Nemetschek Acquires HCSS In 2 Billion Deal At 20x EBITDA"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/282890419.md"
description: "Nemetschek (NEMKY) has agreed to acquire Heavy Construction Systems Specialists (HCSS) for over $2 billion, valuing the company at more than 20 times its expected 2025 EBITDA. This acquisition aims to enhance Nemetschek's presence in the heavy civil construction market. Thoma Bravo will retain a 28% stake in the Build segment. HCSS, which generated $215 million in revenue last year, serves over 4,000 clients in North America. Following the announcement, Nemetschek's shares fell by 3.9% in Frankfurt, reflecting market concerns despite the strategic benefits of the deal."
datetime: "2026-04-15T19:28:57.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/282890419.md)
  - [en](https://longbridge.com/en/news/282890419.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/282890419.md)
---

# Nemetschek Acquires HCSS In 2 Billion Deal At 20x EBITDA

Nemetschek (NEMKY) is moving deeper into infrastructure software with its agreement to acquire Heavy Construction Systems Specialists from Thoma Bravo, a transaction that values the U.S.-based provider at more than 2 billion. The deal, which aligns with earlier reporting, implies a multiple slightly above 20 times HCSS's expected 2025 EBITDA and will bring the business into Nemetschek's Build segment alongside Bluebeam and GoCanvas. Management framed the move as an expansion into what it sees as a resilient and growing heavy civil construction market, with closing expected in the second half of the year.

The structure keeps Thoma Bravo involved, with the firm set to retain a 28% stake in the Build segment. Chief executive Yves Padrines noted that Nemetschek had tracked HCSS for years and chose to act now, suggesting the asset might otherwise have been sold later through a more competitive and potentially higher-priced process. Over time, Nemetschek could consider buying out the remaining stake, listing a minority interest in the U.S., or allowing Thoma Bravo to exit to another investor, though for now the partnership is positioned as a way to support further value creation. HCSS, founded in 1986 with more than 550 employees, serves over 4,000 client companies across North America and generated about $215 million in revenue last year, with EBITDA margins around 40%.

Shares reacted modestly to the announcement, falling as much as 4.6% and trading down 3.9% by midday in Frankfurt, implying a market value of roughly 6.6 billion. Still, the strategic angle could be notable for investors focused on durability within software, as construction-focused platforms have been viewed by some analysts, including Bloomberg Intelligence's Niraj Patel, as relatively insulated from broader artificial intelligence pressures due to their proprietary data advantages. HCSS's position in U.S. Department of Transportation markets, where customers reportedly win 75% of work across 50 regions, could further strengthen Nemetschek's exposure to infrastructure spending and potentially support a broader, more integrated Build platform.

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