Venture West Panel Preview: The State of M&A in The Built World

We are only 9 weeks into the year and BuiltWorlds Institutional Dashboard has already tracked 24 acquisitions within the built environment as accelerating AEC-tech adoption provides the perfect adhesive for industry-advancing consolidation of this highly fragmented space.

2023 deal activity in the built world has ranged from traditional horizontal & vertical integrations and private equity buyouts to net-zero carbon pursuits and tech-stack expanding acquisitions - more than $11B in disclosed transaction value year-to-date (75% of 2023 deal values remain undisclosed).

AEC M&A activity is taking off as forward-thinking legacy construction giants and industry innovators look to solidify their position in the future of the built world. Rising rates and persistent global economic headwinds have drawn most market valuations far below the overzealous levels we saw at the end of 2021 making M&A an increasingly attractive strategy for cash-flushed AEC businesses.

The construction boom that followed COVID’s global lockdowns has primed this now capital-enrich environment for a period of aggressive M&A consolidation as the buildout of Industry 4.0 commences.

Head of Strategy at Autodesk Construction Solution, Sidharth Haksar; Procore’s VP of Corporate Development, Meg Baldini; and Joe Morgan, Managing Director at Piper Sandler are preparing to examine the M&A environment in AEC-tech at Venture West (March 21st & 22nd), providing invaluable insights you won’t want to miss.

Since Autodesk’s acquisition of PlanGrid in 2018 and Procore’s public debut in 2021, these two leading built-world innovators have been competing for control of this rapidly growing market in the wake of this pandemic-induced digital renaissance. Construction has been a paper-trailing sector for centuries.

Today, historically entrenched tech resistance is finally being lifted from this stubborn space as innovation-empowered industry consolidators take the reins, with valuation compression catalyzing M&A opportunities that the building sector hasn't seen in years.

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Meet the Panel

Joe Morgan -  Managing Director at Piper Sandler

Joe Morgan was hired on as Managing Director of Piper Sandler's Technology Investment Banking Group in February 2022 and is already making a splash in vertical software sectors and becoming a go-to sell-side name for founders within the built ecosystem.

Joe was previously the co-head of technology investment banking at D.A. Davidson. In his time at D.A. Davidson, he executed on the firm’s growth initiative in technology increasing headcount and revenue more than five and ten-fold respectively. Additionally, while at Davidson, Morgan completed over 60 M&A and capital raising assignments for public and private companies comprising nearly $26 billion in value. Morgan has long had a focus and passion for vertical market software, and he will be narrowing his focus to service his clients in this important segment. He earned a bachelor of arts from the University of California, Berkeley.

Sidharth Haksar - Senior Director & Head of Strategy at Autodesk Construction Solutions

Sidharth (“Sid”) Haksar leads Strategy & Industry Partnerships for Autodesk Construction Solutions (“ACS”). In his role, he leads the strategic planning process across the organization to frame the long-term strategy and closely monitors the industry and technology landscape to evaluate potential expansion opportunities including acquisitions, strategic investments, and partnerships with third-party construction tech companies as well as service providers. He is also responsible for crafting and representing Autodesk’s point of view on the future of construction.

Sid joined Autodesk in 2014, initially as part of the Corporate Development team, and has played a vital role in Autodesk’s construction acquisition strategy, including the acquisitions of Assemble, PlanGrid, BuildingConnected, Pype, and ProEst as well as investments in Aurigo, Bridgit, Rhumbix, Eyrus and Toric, amongst others.

Sid holds an MBA from INSEAD in Fontainebleau, France.

Meg Baldini - VP of Corporate Development at Procore Technologies

Meg Baldini is the VP of Corporate Development for Procore Technologies, where she is responsible for managing strategic investments, M&A, and the integration of acquired companies. Meg joined Procore from Human Ventures Partners, a startup studio in NYC, and Dataminr, where she focused on corporate strategy and finance. Prior to working in tech, she worked in consulting at Cornerstone Research.