3D measurement technology provider, FARO Technologies has expanded its digital twin product suite with the acquisition of HoloBuilder
HoloBuilder brings to FARO its photogrammetry-based 3D platform, which delivers hardware agnostic image capture, registration and viewing to the fast-growing digital twin market.
With an initial focus on construction management, HoloBuilder’s technology platform provides general contractors with a solution to efficiently capture and virtually manage construction progress using off-the-shelf 360° cameras
HoloBuilder’s SaaS platform will add fast and easy reality-capture photo documentation and added remote access capability to FARO’s 3D point cloud-based laser scanning to create the industry’s first end-to-end digital twin solution.
The combined solution will provide comprehensive scanning and image management capabilities for the digital twin market including robotic assembly 3D simulation, construction management, facilities operations and management, and incident pre-planning.
‘A true end-to-end digital twin’
“The high-value that digitalisation brings to the AEC and Operations & Maintenance (O&M) industries creates significant market opportunity for FARO,” said Michael Burger, FARO president and CEO.
“The addition of HoloBuilder to our offering accelerates the reality of a true end-to-end digital twin solution and advances our strategic objective of increased recurring revenue through market share gains in this large and growing segment.”
“HoloBuilder and Faro together furthers our vision of digitising the physical world to enable process automation and workflow optimisation,” added Mostafa Akbari-Hochberg, HoloBuilder president and founder.
“The powerful combination of high accuracy laser scanning with real-time 360° photo capture and collaboration will empower both company’s customer bases with a comprehensive digital twin solution.”
Under terms of the agreement, HoloBuilder shareholders received a cash payment of $34m. As of April 30, 2021, HoloBuilder had $4m in annual recurring revenue with a compounded annual growth rate of nearly 75% since 2019.
The transaction closed on 4 June and was funded with available cash reserves. Alantra acted as exclusive financial adviser to HoloBuilder.