Autodesk to acquire Portland’s Innovyze at a unicorn valuation

Innovyze isn’t exactly a startup anymore. But when local companies get acquired by Autodesk for $1 billion in cash, it seems like news in which people would be interested.

Autodesk, Inc. (NASDAQ: ADSK) today announced it has signed a definitive agreement to acquire Portland, Oregon-based Innovyze, Inc., a global leader in water infrastructure software, for $1 billion net of cash subject to working capital and tax closing adjustments. The acquisition positions Autodesk as a technology leader in end-to-end water infrastructure solutions from design to operations, accelerates Autodesk’s digital twin strategy, and creates a clearer path to a more sustainable and digitized water industry.

Not familiar with Innovyze? For 35 years, they’ve been working on “wet infrastructure” or helping folks perfect water systems. They serve more than 6000 clients around the world.

For more information on the proposed acquisition, read the Autodesk press release.

[Full disclosure: Autodesk partners with PIE on the PIE Shop accelerator. I am the cofounder and general manager of PIE.]