Kingspan pays $10m to buy minority stake in US software firm Invicara
Global Irish insulation maker Kingspan has paid $10m (€8.1m) to buy a minority stake in US software firm Invicara, in what the group said marks a strategic investment.
Invicara has a cloud-based platform that creates a data-rich 'digital twin' of a building. It integrates its system with building information modelling (BIM) to generate the digital mirror.
According to Invicara, that creates efficiencies in design and construction, and enables deeper collaboration between developers, architects, engineers and contractors.
Louise Foody, Kingspan's director of digital and brand, and Mike Stenson, head of innovation at Kingspan, will join the Invicara board of directors.
Invicara is based in Ann Arbor, Michigan, and also has offices in cities including Dublin.
BIM Assure, the first product built on the Invicara platform, allows owners to access, validate, and report on model data.
The product is currently in use on key projects in North America, Ireland, the United Kingdom, Australia, and Singapore. Invicara is rapidly expanding this solution with significant new capabilities planned for release in 2018.
"For manufacturers of building systems and solutions, digitalisation enabled by technologies like BIM is a game-changer," said Ms Foody. "At Kingspan, we aim to leverage digital technologies to further align our offerings with our customers' needs and more efficiently collaborate with owners, designers, and contractors at every stage of the building life cycle."
Invicara's reach to customers and markets will be enhanced through Kingspan's global presence in key market segments including airports, healthcare, data centres, and retail.