Autodesk, based in California, is set to acquire Payapps, a top provider of construction payment and compliance management solutions globally.
The move aims to offer Autodesk customers advanced payment management tools for streamlining money flow, automating processes, and enhancing the construction experience. This acquisition builds upon the collaboration and strategic alignment between Payapps and Autodesk Construction Cloud, announced in 2022. Autodesk recently participated in a $5 million funding round for VAPAR, a Sydney-based company offering AI-powered insights for utility decisions on pipeline investment and maintenance.
Payapps is known as Payapps in Australia, New Zealand, the U.K., and Ireland, and as GCPay in North America. Their technology speeds up how payments are seen by everyone in a construction project, saving almost 350,000 hours of work each year for construction teams. In North America, GCPay helps bosses handle paperwork to make payments faster.
Founded in 2011, Payapps is a cloud-based collaboration tool simplifying progress payment approvals for the construction industry. It significantly reduces payment processing time, enhancing transparency, accuracy, compliance, and overall project outcomes. Having raised $50 million in November 2020, Payapps secured additional venture growth investment of £10.5 million ($20.3 million) last year for the acquisition of UK-based WebContractor Holdings Limited.
Andy Burg, Vice President, Operations Technology Solutions, Messer Construction Co., an ENR top-100 general contractor with $1.4 billion in revenue, and mutual Autodesk and Payapps/GCPay customer shared, “Messer Construction has utilized GCPay for the past eight years to facilitate our subcontract pay request process. This user-friendly and intuitive application provided improved controls, data accuracy, and process efficiency, which were essential for our project teams and trade partners. Since standardizing on Autodesk Build nearly three years ago, we have continued streamlining project workflows across construction stakeholders. This acquisition will further enable us to simplify our workflows and improve the efficiency of project execution.”
Brett Mason, CEO of Built, another mutual customer and leading contractor in Australia, added, “We are excited by the combination of Payapps and Autodesk. Payapps has been an international success story in developing a market-leading construction payment application solution. The acquisition by Autodesk, a global leader in construction and design software, is highly complementary and further enhances and extends their best-in-class platform.”
With payment and compliance management solutions integrated into Autodesk Construction Cloud, our construction customers, including general contractors and subcontractors, will be able to spend less time worrying about payment risk and the tedium of the payment cycles and more time focusing on growing their business.