GoCanvas Acquisition, Valuation, Funding & Investors

GoCanvas was acquired by Nemetschek for $770M in June 2024, a 11.5x multiple on $67M of revenue.

GoCanvas acquisition price

$770M

Acquired by Nemetschek · Jun 2024

GoCanvas revenue at acquisition

$67M

Last twelve months · Jun 2024

GoCanvas revenue multiple at acquisition

11.5x

EV/Revenue · Jun 2024

Cumulative funding GoCanvas raised

$19M

across 4 funding rounds

GoCanvas Overview

About GoCanvas

GoCanvas is a Reston, Virginia-headquartered mobile forms and operations platform founded in 2008. It enables field service teams to digitize inspections, work orders, signatures, and data collection on iOS and Android devices. Acquired by Nemetschek Group in 2019, GoCanvas serves construction, oil and gas, and service industries across 70 countries with templates for compliance and dispatching. The app provides offline functionality, GPS stamping, and real-time dashboards, replacing paper processes for over 50,000 businesses worldwide.


Founded

2008

HQ

United StatesReston, VA

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$67M (Jun 2024)

Valuation

$770M (acquired Jun 2024)

GoCanvas Acquisition

GoCanvas was acquired by Nemetschek for $770M on 6 June 2024.

The acquisition price implies a 11.5x revenue multiple on $67M of revenue.

Before the acquisition GoCanvas had raised $19M across 4 funding rounds.

GoCanvas Holdings, Inc., headquartered in Reston, Virginia, provides field worker collaboration software that digitizes traditionally paper-based processes, simplifies inspections, improves safety, and maximizes compliance, serving over 300,000 active users worldwide as of Q1 2024. The Nemetschek Group, a leading global provider of software solutions for the architecture, engineering, construction/operations (AEC/O) and media industries and parent of Bluebeam, acquired all shares of GoCanvas from K1 Investment Management. The deal, announced on June 6, 2024, was valued at over $700 million, reflecting an 11.5x multiple on GoCanvas's 2023 ARR of $67 million, with financing from Nemetschek's cash resources and credit facilities. The acquisition closed on July 1, 2024, following regulatory approvals, integrating GoCanvas into Nemetschek's Build & Construct division to create a unique construction ecosystem with complementary technologies, customer bases, and regional sales splits. Strategic rationale centers on accelerating digitalization in construction, capturing field worker opportunities across AEC/O lifecycles, enhancing US market positioning for Nemetschek while expanding GoCanvas into Europe and Asia-Pacific, and driving synergies like 20% annual growth, operational leverage, and innovation in mobile data collection, analytics, and workflow automation. GoCanvas CEO Viyas Sundaram and his team joined Nemetschek post-closing, with both companies operating independently until completion. Advisors included Moelis & Company as exclusive financial advisor to GoCanvas, and legal counsel from Kirkland & Ellis, Morris, Manning & Martin for GoCanvas, underscoring the transaction's alignment with Nemetschek's subscription/SaaS transition and competitive edge in field productivity for construction and adjacent industries.

GoCanvas acquisition details
AcquirerDateTypePriceEV/Revenue
6 Jun 2024Strategic M&A$770M11.5x

GoCanvas Funding History

GoCanvas has raised a total of $19M across 4 funding rounds.

GoCanvas' first fundraising round was a $4M Series C in June 2013. The most recent completed round was a $4M Series D in February 2016.

GoCanvas funding rounds

GoCanvas funding rounds
DateStageInvestorsRaisedDeal Summary
Feb 2016Series DZebra Ventures; RC Capital; Osage Venture Partners$4MGoCanvas raised $4 million in a funding round on March 5, 2016. The investors match Osage Venture Partners, RC Capital, and Zebra Ventures. This appears to be the company's only funding round, with total funding of $4 million.
Dec 2014Series DRC Capital (lead); Camber Creek; Baltimore Angels; Osage Venture Partners$9M-
Jan 2014Series COsage Venture Partners$2M-
Jun 2013Series CCamber Creek; Motorola Solutions Venture Capital; Osage Venture Partners$4MGoCanvas raised $4 million in a Series C funding round on approximately March 6, 2013, from investors Camber Creek, Motorola Solutions Venture Capital, and Osage Venture Partners. The company, then known as Canvas, provides business mobile apps and forms.

Who has invested in GoCanvas?

6 investors have backed GoCanvas across its funding rounds, including Osage Venture Partners, Camber Creek, RC Capital, Motorola Solutions Venture Capital, Baltimore Angels and Zebra Ventures.

Lead investors include RC Capital.


GoCanvas Investors

Investors in GoCanvas by funding rounds participated
InvestorHQRoundsRoleFirst check
Osage Venture PartnersUnited StatesPhiladelphia, PA4ParticipantJun 2013
Camber CreekUnited StatesWashington, DC2ParticipantJun 2013
RC CapitalUnited StatesCincinnati, OH2LeadDec 2014
Baltimore AngelsUnited StatesBaltimore, MD1ParticipantDec 2014

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Acquisitions by GoCanvas

GoCanvas has acquired 1 company to date.

Last acquisition by GoCanvas was on January 1st 2022. GoCanvas acquired Device Magic for undisclosed valuation.


Latest Acquisitions by GoCanvas

Device Magic
Description
Device Magic is a Raleigh-headquartered mobile forms platform that allows businesses to create digital checklists, inspections, and reports deployable on iOS and Android devices. Founded in 2011, it supports barcode scanning, GPS logging, photo capture, and offline functionality. Integrations with Salesforce and Google Sheets enable data workflows for field services, audits, and compliance tracking.
HQ CountryUnited States
HQ City
Raleigh, NC
Deal Date1 Jan 2022
Valuationundisclosed
EV/Revenue
EV/EBITDA

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GoCanvas Competitors

GoCanvas competitors include listed companies like Foxit Software, Cybozu and McMillan Shakespeare, and private ones like Workboard, Wrtn Technologies and Typeform.

Public and private companies comparable to GoCanvas
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Foxit SoftwareChinaChinaPublicly listed$159M$13M$770M3.0x
WorkboardUnited StatesSan Francisco, CAPrivate--$800M-
Wrtn TechnologiesSouth KoreaSeoulPrivate$139M-$693M5.0x
CybozuJapanJapanPublicly listed$241M$84M$881M3.1x
TypeformSpainBarcelonaPrivate$70M-$935M13.4x
McMillan ShakespeareAustraliaAustraliaPublicly listed$336M$179M$970M3.5x

GoCanvas Public Comps

GoCanvas is no longer listed, but its public comps include Foxit Software, Cybozu, McMillan Shakespeare, Hancom, NeoJapan, CyberLink, Polaris Office, Wondershare, Seresco and Done.ai Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Foxit Software$159M$13M3.4x3.0x39.8x19.8x
Cybozu$241M$84M3.4x3.1x9.8x9.2x
McMillan Shakespeare$336M$179M4.5x3.5x8.4x11.4x
Hancom$238M$35M1.3x1.1x8.8x6.2x
NeoJapan$53M$19M2.0x2.0x5.6x-
CyberLink$77M$11M0.7x0.7x5.1x5.6x
Polaris Office$236M$17M1.3x3.8x18.2x34.8x
Wondershare$229M($6M)6.3x6.4x(231.3x)(175.1x)

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Common questions about GoCanvas

When was GoCanvas founded?GoCanvas was founded in 2008.
Where is GoCanvas headquartered?GoCanvas is headquartered in Reston, VA, United States.
Is GoCanvas publicly listed?No, GoCanvas was acquired by Nemetschek in June 2024.
Who acquired GoCanvas?GoCanvas was acquired by Nemetschek in June 2024.
How much was GoCanvas acquired for?GoCanvas was acquired for $770M in June 2024, a 11.5x revenue multiple.
How much funding has GoCanvas raised?GoCanvas has raised $19M across 4 funding rounds.
What was GoCanvas' last funding round?GoCanvas' last funding round was a $4M Series D in February 2016.
Who are GoCanvas' investors?GoCanvas' investors include Osage Venture Partners, Camber Creek, RC Capital, Baltimore Angels, Zebra Ventures and Motorola Solutions Venture Capital.
Which companies are comparable to GoCanvas?Companies comparable to GoCanvas include Foxit Software, Workboard, Wrtn Technologies, Cybozu, Typeform and McMillan Shakespeare.
How many companies has GoCanvas acquired?GoCanvas has acquired 1 company, including Device Magic.

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