BIMobject wins strategic deal in Southeast Asia by forming a joint venture with Thailand's largest industrial conglomerate SCG/CPAC

BIMobject today announces a strategic partnership with CPAC, a subsidiary to SCG, a cement and building materials manufacturing company valued USD 15.6 billion. The partnership is formed as a joint venture (JV), where BIMobject secures minimum USD 500,000 annually during the first five years of operation in license fees. 

The cooperation is a part of BIMobject’s strategy and aims to establish the technology and platform in Asia. Together with CPAC we have seen that adoption of BIM is now accelerating and that BIMobject’s technology and platform is a potent solution to the needs of the industry. The growth is underpinned by the construction regulation in for example Singapore. 

CPAC and BIMobject envisage that the joint venture will capture a market-leading position and drive strong growth by leveraging the BIMobject platform and its scalable technology for object creation.

The cooperation is a restart of the Asian business partner strategy. Showing strength and commitment, BIMobject will appoint CEO Carl Silbersky, CTO Ben O’Donnell and BIMobject founder Stefan Larsson as board members of the JV and Thai subsidiary.

The joint venture will be Bangkok-based and responsible for the leveraging of BIMobject technologies and to support BIM advancements for Thai building product manufacturers. 

BIMobject grants a technology license and will own 49 percent of the joint venture, while SCG’s subsidiary, CPAC, will own 51 percent. Financially, BIMobject will receive annual license proceeds of minimum USD 500,000 during the joint venture’s first five years, and 35 percent of web service sales thereafter. BIMobject Thailand’s business operations are expected to commence in the second quarter of 2020.

Summary

• BIMobject enters a joint venture agreement with The Concrete Products and Aggregate Company Limited (or "CPAC"), a 99.99% owned subsidiary of SCG’s Cement and Building Materials Business.
• BIMobject will receive licensing proceeds of minimum USD 500,000 yearly during the first five years.
• CEO Carl Silbersky, CTO Ben O´Donnell and BIMobject founder Stefan Larsson will join the Board of the joint venture.
• SCG alone employs 37,200 people and manufactures more than 64,000 products.

For more information, please contact:
Carl Silbersky – CEO
Tel. +46 40 - 685 29 00
E-mail: ir@bimobject.com

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This information is information that BIMobject AB (publ) is obliged to publish in accordance the EU Market Abuse Regulation. The information was provided by Carl Silbersky for publication on 10 January 2020 at 11.30 CET.

About SCG and subsidiary CPAC
The Siam Cement Group (SCG), established in 1913, is publicly listed on the Stock Exchange of Thailand. SCG is Thailand's largest industrial conglomerate with leading market positions in each of its core businesses of chemicals, cement, paper, building materials, and distribution. Under its five core businesses, SCG has interests in over 200 companies, employs more than 37,200 employees, and manufactures more than 64,000 products.

Concrete Products and Aggregate Co. Ltd. (CPAC) was founded in 1952 and is fully-owned by SCG. In 2018, CPAC had a total revenue of approximately USD 700 million. With the latest concrete technology, the largest production capability and the broadcast service networks, the company has been the market leader of ready-mixed concrete producer in Thailand. For over 60 years, the company has strived to develop new products with state of the art technology, and to continually improve product quality and services in order to meet customers’ need and satisfaction.

About BIMobject
BIMobject is a leading global IT company at the forefront of digitalization of the construction industry. BIMobject offers cloud-based platforms, with over 1,600 manufacturers providing digital product information. Around the cloud-based platforms, which currently have over 1.6 million users, BIMobject offers a number of solutions aimed at manufacturers, property owners, architects/designers and construction companies and the trade sector. BIMobject, founded in 2011, operates in 20 countries and has over 230 employees. As of 30 September 2019, net sales RTM was SEK 142 million. BIMobject's shares are traded on Nasdaq First North under the ticker: BIM. Certified Advisor: FNCA Sweden AB, info@fnca.se, +46-8-528 00 399. www.bimobject.com