Thinkproject shows growth in 2020 and continues to focus on global expansion in the construction intelligence market
Thinkproject GmbH can look back on 20 successful years in which the Munich-based Software company has established itself as Europe’s leading SaaS provider for construction and engineering projects. In the past fiscal year, Thinkproject achieved a revenue growth of approximately 40% compared to the previous year, despite the difficult market conditions caused by the COVID-19 pandemic. The overall expansion of the enterprise business contributed significantly. With now more than 450 employees worldwide in 18 offices in 11 countries, Thinkproject is on the verge of securing a top position in the global market for construction intelligence solutions that make a significant contribution to the digitalization of the construction industry. As part of the growth strategy of the highly specialized solution provider, the management team has also expanded: As Chief Marketing Officer (CMO), Karolin Beck is responsible for all marketing and communication measures at Thinkproject and is the first woman to join the executive team. As Chief Technology Officer (CTO), Michael Bischoff leads the further development of the Construction Intelligence platform, including the integration of the technologies acquired by Thinkproject. The newly constituted board is made up of experienced industry experts, led by Patrik Heider as Chairman, who is joined by ex-Siemens executive Janina Kugel and CCO of IFS AB Michael Ouissi, as well as private equity executives Florian Funk, Morgan Seigler and Stefan Dandl.
- Number of employees now over 450 – relocation to new office in the east of Munich
- Expansion of the management team with Karolin Beck as CMO and Michael Bischoff as CTO
- Double-digit percentage revenue growth in 2020, among others due to expansion of the enterprise business
- Thinkproject is one of “Germany’s Growth Champions 2021”
- Swedish investor EQT acquires majority stake and pushes global expansion
- Management focus on diversification
- Board filled with experienced industry and financial experts
Foundation for further global growth
Since its founding in 2000, Thinkproject has acquired 11 companies that focus on specific software-based solutions for complex construction projects. By integrating these specialized applications into its own Construction Intelligence platform, Thinkproject is now able to digitally map the entire construction project lifecycle for private and public asset owners, project developers and general contractors. “From the very beginning, Thinkproject has pursued a two-pronged expansion strategy,” explains Patrik Heider, Chairman of Thinkproject’s Board of Directors. “In addition to growth through strategic acquisitions, organic growth has been an important pillar and at the same time a guarantee of success for the past 20 years. However, the basis for the company’s past success is its talented employees. We are delighted to have EQT come on board which will provide the team, under the leadership of CEO Gareth Burton, with the resources to further drive global expansion.”
Florian Funk, Partner at EQT and Board Member, says: “The digitalization of the construction industry as the largest industry sector worldwide offers enormous growth opportunities and we are only at the beginning of a disruptive change here. Thinkproject will be a key player in shaping this and will pioneer solutions for industry trends such as sustainability and cost control in construction.” In November 2020 the Swedish investor EQT acquired a majority stake in Thinkproject from TA Associates and the Founder Tom Bachmaier.
The magazine “Focus Business”, together with the Hamburg-based institute Statista, has honored Germany’s 500 fastest-growing companies, including Thinkproject. The Growth Champions 2021 comprises a list of the top 500 companies in Germany that achieved high percentage revenue growth between 2016 and 2019.
Expansion of the management team
Appointment of new board of directors
The newly constituted board of Thinkproject will start its work immediately under the leadership of Chairman Patrik Heider, currently CEO at riskmethods GmbH and Senior Advisor to EQT. Further members of the board are proven industry and financial experts:
- Janina Kugel – Senior Advisor at EQT AB and the Boston Consulting Group and former Chief Human Resources Officer at Siemens AG
- Michael Ouissi – CCO at IFS AB
- Florian Funk – Partner at EQT
- Morgan Seigler – Managing Director at TA Associates
- Stefan Dandl – Principal at TA Associates
“I would like to thank the founder Tom Bachmaier who will remain a shareholder and in that position will stay very close to the business,” adds Florian Funk, Partner EQT.
Diversity drives success
Thinkproject has paid attention to diversification among its employees from the very beginning. With a rate of 40% female employees, the company today holds a top position in the Software and construction industry. Thinkproject is consistently committed to address gender inequality within its own company as well. The Thinkproject Women’s Network was also founded last year, providing a safe and supportive environment where all female colleagues can discuss experiences in their careers. Furthermore, Thinkproject supports the Global Fund for Women, which advocates for justice and equality for all.
Climate change poses enormous challenges for the entire construction industry. Digitalisation and unlocking the potential of Building Information Modeling (BIM) opens up new ways of resource-saving and energy-efficient construction. Thinkproject has the solutions to build sustainably, innovatively and more efficiently and therefore to master challenges such as global urbanization.
- Greater transparency during the planning phase
- Greater efficiency during the design and construction phase
- Greater control during the operational phase