Nemetschek SE (XTRA:NEM) has signed a definitive agreement to acquire Canvas Solutions, Inc. on June 6, 2024. The purchase price for Canvas Solutions was agreed to be a multiple of approximately 11.5x recurring revenue (ARR). The ARR for 2023 was stated to be $67 million.

Transaction financing will be provided by Nemetschek?s own cash resources and existing credit facilities. Upon closing, the CEO of GoCanvas, Viyas Sundaram, and his team will join the Nemetschek Group. The acquisition is expected to close in summer 2024 and is subject to customary regulatory approval and closing conditions.

Dr. Michael Josenhans of Freshfields Bruckhaus Deringer LLP acted as a advisor to Nemetschek.