A Silicon Valley company bought Portland-based Viewpoint Construction Software for $1.2 billion in cash Monday. It appears to be the biggest deal ever for a Portland tech company.
The buyer is Trimble, which makes technology for the construction, agriculture and transportation markets. The California company reported revenue of $2.7 billion last year and said it expects about $200 million in additional revenue from Viewpoint in 2018.
“The Portland Viewpoint office will remain the center of our operations long-term and we will continue to hire aggressively to keep up with market demands,” Viewpoint said in a written statement.
The privately held company employs more than 700, about half of them at its headquarters at the east end of the Hawthorne Bridge, and said it will continue operating under the Viewpoint brand name indefinitely.
Viewpoint’s software helps construction companies and contractors plan and manage large projects, allocating resources, tracking time cards and measuring progress. It has long been among Portland’s largest tech businesses.
“This partnership is a perfect fit, as Trimble and Viewpoint share a common vision helping construction companies integrate operations across the office, team and field, improving project profitability, enhancing productivity, and effectively collaborating across the construction ecosystem,” Viewpoint chief executive Manolis Kotzabasakis said in a written statement.
Founded in 1976, Viewpoint sold a majority stake to private equity firm Bain Capital in 2014 for $230 million.
Bain subsequently acquired the rest of the business.
In the ensuing years, Viewpoint bought a major competitor in Seattle and made a series of smaller deals as it sought to bring digital tools to the old-line construction industry.
Trimble shares climbed 5 percent in after-hours trading, to $37.91, after the company raised its quarterly sales forecast above the $730 million it had projected. Shares have traded between $31.22 and $45.70 in the past year.
Viewpoint’s sale is the second billion-dollar deal for a Portland company in the past week. On Thursday, mining equipment company ESCO Corp. sold to a Scottish rival for $1.3 billion.