Benzinga | Apr 15, 2021 10:01AM EDT

Autodesk To Acquire Upchain For Faster Cloud Data Transport

* Software company Autodesk Inc (NASDAQ: ADSK) inked an agreement to acquire instant-on, cloud-based product lifecycle management (PLM) and product data management (PDM) solutions provider, Upchain.

* The acquisition increased Autodesk's association across the decentralized product value chain, irrespective of the CAD system.

* Upchain had created a unified cloud platform by eliminating the PLM and PDM technologies' barriers by putting data at the center of the product development process.

* The financial terms of the transaction were not disclosed.

* Autodesk customers will be able to transport data by integrating Upchain with its existing offerings easily, Autodesk CEO Andrew Anagnost said.

* Autodesk acquired water infrastructure software provider Innovyze for $1 billion in Feb.

* Autodesk held $1.8 billion in cash and equivalents as of Jan. 31, 2021.

* Price action: ADSK shares traded higher by 1.84% at $299.76 on the last check Thursday.