HOLLYWOOD, Fla. - NV5 Global, Inc. (NASDAQ: NVEE), a provider of professional and technical engineering and consulting solutions, announced today the acquisition of myBIMteam, a company specializing in building information modeling (BIM), reality capture, and digital twin technologies. The purchase, which includes a mix of cash and stock, is expected to immediately contribute to NV5's earnings.
myBIMteam, operating since 2003, offers a subscription-based model delivering full-service building digitization to support asset management and enhance the energy efficiency and productivity of facilities. The firm caters to building owners, facility managers, and architects, focusing on sectors such as education, healthcare, and industrial.
Dickerson Wright, PE, Executive Chairman of NV5, highlighted the strategic alignment of the acquisition, stating that myBIMteam's subscription services complement NV5's focus on expanding recurring revenue streams that promote long-term client relationships and organic growth.
Ben Heraud, Co-CEO of NV5, expressed enthusiasm for incorporating myBIMteam's expertise into NV5's portfolio, which includes data centers, clean energy conversion, and systems design. Heraud anticipates that the integration of digital twins and 3D reality capture will propel the company's technology growth.
Troy Mifsud, President of myBIMteam, also conveyed optimism regarding the growth opportunities and expanded service offerings that the NV5 partnership will bring to their clients.
This acquisition is part of NV5's ongoing investment in high-growth technology and tech-enabled services, aiming to enhance scalability and market entry barriers while fostering profitability.
NV5, with a presence in over 100 offices nationwide and abroad, provides a wide range of services aimed at supporting sustainable infrastructure, utility, and building assets and systems across various sectors.
The information in this article is based on a press release statement from NV5 Global, Inc.
InvestingPro Insights
NV5 Global, Inc.'s recent acquisition of myBIMteam is poised to enhance the company's service offerings and contribute to its earnings. This strategic move aligns well with NV5's robust financial metrics as reported by InvestingPro.
With a market capitalization of approximately $1.53 billion and a gross profit margin of 50.21% for the last twelve months as of Q1 2024, NV5 demonstrates impressive profitability in its operations. The company's revenue growth also remains strong, with a 14.06% increase in the last twelve months as of Q1 2024.
InvestingPro Tips indicate that NV5 operates with a moderate level of debt and has liquid assets that exceed short-term obligations, suggesting a stable financial footing for the company. The company's stock is currently trading near its 52-week low, which might present an opportunity for investors considering the company's growth prospects and the integration of myBIMteam's technology into its portfolio.
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