Opening
Stockholm-listed Addnode Group (ANOD-B.ST) announced on October 7, 2025, that its subsidiary Symetri has signed an agreement to acquire SolidCAD, a prominent Canadian provider of digital solutions for the architecture, engineering, construction, and manufacturing sectors. This strategic move signifies Symetri's entry into the Canadian market, expanding its global operational footprint.
The Event in Detail
The acquisition involves SolidCAD, recognized as Canada's largest Autodesk Platinum Partner and its sole Bluebeam Sapphire Partner. For the fiscal year 2025, SolidCAD is projected to achieve net sales of SEK 280 million with an EBITA of SEK 120 million. The transaction is structured as an asset purchase, with an initial purchase price at closing of SEK 850 million. An additional contingent payment of up to SEK 204 million is tied to SolidCAD's future financial performance. Addnode Group intends to fund this acquisition through an extension of its existing credit lines.
The closing of the deal is anticipated for late October 2025, at which point SolidCAD will be consolidated under Addnode Group's Design Management division as part of Symetri. This integration is expected to add approximately 150 employees, bringing Symetri's total global workforce to around 1,400. Following the acquisition, Symetri will serve a client base exceeding 30,000 worldwide.
Analysis of Market Reaction
This acquisition is strategically aligned with Addnode Group's stated growth objectives and updated financial targets, with an expected positive impact on the company's earnings per share from the time of consolidation. The move into Canada is underpinned by the country's stable, innovation-driven market, characterized by a robust manufacturing base, rapidly digitizing Architecture, Engineering, Construction, and Operations (AECO) sectors, and a skilled workforce.
Furthermore, federal investments in sustainable infrastructure and construction, alongside acute labor shortages, are driving an increased demand for efficient, technology-driven solutions. This market environment provides a fertile ground for Symetri to deploy its productivity and sustainability offerings. The integration of SolidCAD's local expertise with Symetri's global resources is expected to enhance support and broaden the portfolio of digital solutions available to Autodesk and Bluebeam clients across Canada.
Broader Context & Implications
From a financial perspective, the initial purchase price of SEK 850 million against SolidCAD's projected 2025 net sales of SEK 280 million implies an initial Price/Sales ratio of approximately 3.04x. Relative to SolidCAD's expected 2025 EBITA of SEK 120 million, the initial Price/EBITA ratio stands at roughly 7.08x. Should the maximum contingent payment of SEK 204 million be realized, the total acquisition cost would rise to SEK 1054 million, leading to a maximum Price/Sales ratio of approximately 3.76x and a maximum Price/EBITA ratio of about 8.78x.
This transaction underscores a broader trend within the AECO software market toward consolidation and the provision of integrated digital solutions. By combining SolidCAD's established Canadian market presence with Symetri's global network and proprietary software such as Naviate, Sovelia, and CQ, the deal aims to create a more robust offering. This strategic alignment addresses the evolving demands for productivity, sustainability, and digital transformation within the construction and manufacturing industries, leveraging macroeconomic trends in Canada.
Johan Andersson, CEO and President of Addnode Group, highlighted the strategic rationale:
"The acquisition of SolidCAD is in line with our growth strategy and our newly updated financial targets. This acquisition will strengthen Symetri, create value for our shareholders, and open further opportunities to leverage our presence in the Canadian market."
Looking Ahead
The successful integration of SolidCAD into Symetri's operations will be a key factor to watch in the coming months. Investors will monitor the realization of the earn-out payment, which will serve as an indicator of post-acquisition performance. The impact of the expanded offerings, including Symetri's proprietary tools like Naviate, Sovelia, and CQ, on market share within Canada's AECO and manufacturing sectors will also be closely observed. The performance of ANOD-B.ST following the consolidation and subsequent financial reports will provide further insights into the long-term value creation potential of this strategic acquisition.
source:[1] SolidCAD Announces Acquisition by Symetri, Part of Addnode Group (https://finance.yahoo.com/news/solidcad-annou ...)[2] Addnode Group acquires SolidCAD in Canada (https://vertexaisearch.cloud.google.com/groun ...)[3] Addnode Acquires Canadian Company with Revenue Around SEK 280 Million (https://vertexaisearch.cloud.google.com/groun ...)
Edgen Stock·Oct 07 2025, 18:53
