FARO Technologies Inc. today announced that it has acquired HoloBuilder Inc. Lake Mary, Fla.-based FARO supplies 3D measurement, imaging, and realization systems for the 3D metrology; public safety analytics; and architecture, engineering, and construction (AEC) markets.
“The high-value that digitalization brings to the AEC and operations and maintenance industries creates significant market opportunity for FARO,” stated Michael Burger, president and CEO of FARO. “The addition of HoloBuilder to our offering accelerates the reality of a true end-to-end digital twin solution and advances our strategic objective of increased recurring revenue through market share gains in this large and growing segment.”
For 40 years, FARO said it has provided technologies that that enable customers to measure their world, and then use that data to make smarter decisions faster.
HoloBuilder designs, develops, and sells enterprise software, making use of 360° photos, machine vision, and artificial intelligence. The San Francisco-based firm said it has customers in more than 35 countries, and users have documented more than 28,000 projects to date.
HoloBuilder to add image tech to FARO simulation
HoloBuilder said its photogrammetry-based 3D platform delivers hardware-agnostic image capture, registration, and viewing. The company noted that it initially focused on construction management applications, where its technology provides general contractors a way to capture and virtually manage construction progress using off-the-shelf 360° cameras.
In addition, HoloBuilder said that its software-as-a-service (SaaS) offering will add capabilities for photo documentation and remote access capability to FARO's 3D point cloud-based laser scanning. The combination will allow customers to benefit from digital twins without leaving the FARO ecosystem, said the companies.
The combined solution will provide comprehensive scanning and image management capabilities for use cases including robotic assembly, 3D simulation, construction management, facilities operations and management, and incident pre-planning, said FARO.
Both HoloBuilder and FARO have worked with Boston Dynamics' Spot quadruped robot for collecting data from worksites.
“HoloBuilder and FARO together furthers our vision of digitizing the physical world to enable process automation and workflow optimization,” said Mostafa Akbari-Hochberg, founder and president of HoloBuilder. “The powerful combination of high-accuracy laser scanning with real-time 360° photo capture and collaboration will empower both companies' customer bases with a comprehensive digital twin solution.”
Under the terms of the agreement, HoloBuilder shareholders received a cash payment of $34 million. As of April 30, HoloBuilder had $4 million in annual recurring revenue, with a compounded annual growth rate of nearly 75% since 2019.
The transaction closed on June 4 and was funded with available cash reserves. Alantra acted as exclusive financial adviser to HoloBuilder.
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