Autodesk, the publicly traded software company best known for its CAD and 3D modeling tools, today announced that it has acquired Upchain, a Toronto-based startup that offers a cloud-based product life cycle management (PLM) service. The two companies, which didn't disclose the acquisition price, expect the transaction to close by July 31, 2021.
Since its launch in 2015, Upchain raised about $7.4 million in funding, according to Crunchbase. The central idea behind the service was that existing life cycle management solutions, which are meant to help businesses take new products from inception to production and collaborate with their supply chain in the process, were cumbersome and geared toward large multi-national enterprises. Upchain's focus is on small and mid-sized companies and promises to be more affordable and usable than other solutions. Its customer base spans a wide range of industries, ranging from textiles and apparel to automotive, aerospace, industrial machines, transportation and entertainment.
"We’ve had a singular focus at Upchain to up-level cloud collaboration across the entire product lifecycle, changing the way that people work together so that everyone has access to the data they need, when they need it," Upchain CEO and founder John Laslavic said in today's announcement. "Autodesk shares our vision for radically simplifying how engineers and manufacturers across the entire value chain collaborate and bring a top-quality product to market faster. I look forward to seeing how Upchain and Autodesk, together, take that vision to the next level in the months and years to come."
For Autodesk, this is the company's fifteenth acquisition since 2017. Earlier this year, the company made its first $1 billion acquisition when it bought Portland, Oregon-based Innovyze, a 35-year-old company that focuses on modeling and life cycle management for the water management industry.
"Resilience and collaboration have never been more critical for manufacturers as they confront the increasing complexity of developing new products. We’re committed to addressing those needs by offering the most robust end-to-end design and manufacturing platform in the cloud," said Andrew Anagnost, president and CEO of Autodesk. "The convergence of data and processes is transforming the industry. By integrating Upchain with our existing offerings, Autodesk customers will be able to easily move data without barriers and will be empowered to unlock and harness valuable insights that can translate to fresh ideas and business success."