Thoma Bravo to combine HCSS with Nemetschek Build & Construct in global construction tech play

Thoma Bravo has agreed to merge portfolio company HCSS with the Build & Construct division of Germany’s Nemetschek Group, in a deal aimed at creating a scaled global software platform for the construction sector.

Under the terms of the agreement, Nemetschek will hold approximately 72% of the combined Build & Construct segment, while Thoma Bravo funds will retain a 28% minority stake. The transaction brings together HCSS with existing Nemetschek brands including Bluebeam, GoCanvas and Nevaris.

The deal is expected to close in the second half of 2026, subject to customary regulatory approvals.

HCSS, which specialises in heavy civil construction software, has been owned by Thoma Bravo for four years. During that period, the private equity firm has supported expansion of its product suite, including core platforms such as HeavyBid and HeavyJob, alongside moves into adjacent sectors such as utilities.

The company’s software is widely used across infrastructure projects in the US, with customers winning a significant share of bids across Department of Transportation markets, according to the firm.

The combined business is expected to benefit from growing structural demand in construction technology, driven by infrastructure spending, energy transition investment, urban development and modernisation of ageing assets.

The enlarged platform is intended to offer an integrated suite of tools spanning the full construction lifecycle, from planning and design through to execution and field operations. The companies also expect increased collaboration across office and field workflows, as well as accelerated development of artificial intelligence-enabled capabilities.

HCSS management said the transaction marks a continuation of the company’s long-term growth strategy under Thoma Bravo ownership, while unlocking access to a broader global platform through Nemetschek’s construction software ecosystem.

Thoma Bravo described the combination as a rare opportunity to scale complementary businesses with strong product alignment, noting that HCSS’ strength in heavy civil infrastructure software pairs with Nemetschek’s wider footprint in digital construction tools.

The investment firm, which manages more than $183bn in assets, has been an active investor in enterprise software, having completed hundreds of software and technology transactions over the past two decades.

Advisers on the transaction include Kirkland & Ellis, Deutsche Bank, Citi and Centerview Partners for Thoma Bravo, with JPMorgan advising Nemetschek.