NV5 Strengthens Subscription-Based Services with Acquisition of myBIMteam
HOLLYWOOD, Fla., May 20, 2024 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of technology, conformity assessment, and consulting solutions, announced today that it has acquired myBIMteam (TMCADD Consulting Services, LLC), a provider of building information modeling, reality capture, and digital twin solutions. Founded in 2003, myBIMteam provides full-service building digitization services on a subscription basis to building owners, facility managers, and architects to support asset management and improve the energy efficiency and productivity of facilities. The acquisition was made with a combination of cash and stock and will be immediately accretive to NV5’s earnings.
“NV5 continues to invest in high-growth technology and tech-enabled services that deliver scalability and barriers to entry, while accelerating organic growth and profitability,” said Dickerson Wright, PE, Executive Chairman of NV5. “MyBIMteam’s subscription-based service delivery model supports NV5’s strategic focus on expanding recurring and subscription-based services that facilitate long-term client relationships and organic growth.”
MyBIMteam uses reality capture technologies to produce 3D computer models used in the planning, renovation, and operation of facilities in the education, healthcare, and industrial sectors. Subscription services include software implementation, advisory services, laser scanning, and modeling.
“NV5 has recognized that building digitization is an essential part of the vision for technology growth, incorporating digital twins and 3D reality capture into our entire building systems portfolio, including data centers, clean energy conversion, systems design, and commissioning, and we’re pleased to welcome TMCADD’s talented technical experts to the NV5 team,” said Ben Heraud, Co-CEO of NV5.
“We are excited about the growth opportunities NV5 brings to our team, and we look forward to expanding our current offerings to our clients with NV5’s full portfolio of services,” said Troy Mifsud, President of myBIMteam.
About myBIMteam
For over 20 years, myBIMteam has helped building owners and architects increase building productivity and efficiency utilizing the latest building digitization technology. MyBIMteam’s experienced architects and BIM specialists deliver BIM support and management, reality capture, laser scanning, and digital twins to support facility owners and managers throughout the entire building lifecycle. For additional information, please visit .
About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, conformity assessment, and consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company focuses on multiple verticals: construction quality assurance, infrastructure engineering, utility services, buildings & technology, environmental health sciences, and geospatial services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. NV5 operates out of more than 100 offices nationwide and abroad. For additional information, please visit the Company’s website at . Also visit the Company on , , , and .
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. All forward-looking statements are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such statements, except as required by law.
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