Benzinga | Feb 24, 2021 08:01AM EST

Autodesk Acquires Water Infra Software Provider Innovyze For $1B

* Autodesk Inc (NASDAQ: ADSK) inked an agreement to acquire water infrastructure software provider Innovyze, Inc. for $1 billion in an all-cash deal.

* The acquisition has the potential to consolidate Autodesk's position in water infrastructure solutions, fast-track Autodesk's digital twin strategy, and prepare it for sustainable and digitized water industry.

* Innovyze's modeling, simulation, and predictive analyses solutions ensure cost-effective and sustainably designed water distribution networks, water collection systems, water and wastewater treatment plants, and flood protection systems. The company's solutions integrate infrastructure asset visibility towards capital and operational expense optimization.

* "An estimated $1.9 trillion is required to address global water infrastructure needs by 2030, and by fundamentally changing the way systems are designed, constructed, and operated, we are best positioned to overcome this challenge and realize the better world we've imagined," said Autodesk CEO Andrew Anagnost.

* Autodesk's cash and cash equivalents stood at $1.5 billion as of October 31, 2020.

* It acquired AI-enabled urban design platform Spacemaker for $240 million net of cash in November.

* Price action: ADSK shares closed lower by 2.50% at $290.25 on Tuesday.