New York – January 26, 2024 – Cooley advised Payapps and its private equity sponsor IFM Investors on a definitive agreement in which Payapps will be acquired by Autodesk, a multinational software company listed as ADSK on Nasdaq. Payapps is cloud-based construction software for submitting, assessing and approving progress payments for main contractors and subcontractors. IFM Investors is a global investment manager owned by Australian pension funds that held a significant minority interest in Payapps since late 2020. Lawyers David Silverman, Andrew Lustig, James Lin, Tommi McCarthy, and Well Mackey Jr. led the Cooley team advising Payapps and IFM.
Known as Payapps in Australia, New Zealand, the UK and Ireland, and GCPay in North America, the company’s best-in-class cloud offerings accelerate visibility of payments between project stakeholders and have helped construction teams save nearly 350,000 project hours a year. The acquisition benefits Autodesk’s customers by leveraging technology that eases the burden of construction payment management in a process that is simpler, faster and more efficient for all construction project stakeholders – and further reinforces Autodesk’s belief that how project teams build should be just as rewarding as what they built.
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