Published by Global Banking & Finance Review®
Posted on April 14, 2026
2 min readLast updated: April 14, 2026
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Nemetschek CEO Yves Padrines confirmed that Thoma Bravo, which will retain ~28% of Nemetschek’s Build & Construct division post-acquisition of HCSS, could exit via an IPO for that unit—subject to Nemetschek remaining majority owner.
MUNICH, April 14 (Reuters) - Nemetschek's CEO Yves Padrines said on Tuesday private equity firm Thoma Bravo could eventually sell its stake in the company's construction software division through an initial public offering.
The German software house announced on Monday it would acquire HCSS, an U.S. company specialised in civil engineering and construction software, from Thoma Bravo, which, in return, would receive a 28% stake in Nemetschek's construction software division Build & Construct.
"For a later exit of Thoma Bravo, there are three options: We could buy back some of their shares, they could sell it to another sponsor, or – which would be the preferred option for Thoma Bravo – we could do an IPO for the unit. But Nemetschek would always remain a majority owner," Padrines told Reuters.
The deal, which will combine HCSS with Build & Construct, is based on a valuation of more than 20 times HCSS's operating profit (EBITDA), Padrines added.
HCSS recorded an EBITDA of around $86 million in 2025.
Padrines said the asset was on the company's radar for few years and that talks lasted for more than a year. "Thoma Bravo didn't want to sell yet. If there would have been an investment process, (it) would have been difficult to have the financial firepower to compete," he said.
(Reporting by Alexander Huebner, writing by Emanuele Berro, editing by Linda Pasquini)
Nemetschek's CEO said Thoma Bravo could eventually sell its stake in the construction software division through an IPO.
Nemetschek acquired HCSS from Thoma Bravo, giving Thoma Bravo a 28% stake in the Build & Construct division.
The options include Nemetschek buying back shares, a sale to another sponsor, or an IPO—preferred by Thoma Bravo.
The deal is based on a valuation of more than 20 times HCSS's operating profit (EBITDA).
Yes, Nemetschek would always remain the majority owner, according to the CEO.
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