Autodesk to acquire construction software startup PlanGrid

Autodesk has agreed to acquire Plangrid, a startup that makes cloud-based construction software, for $875 million net of cash.

Why it matters: The deal could help Autodesk, which is best known for its computer-aided design software AutoCAD, expand its tools for the construction industry. PlanGrid has raised a total of $69 million in funding from investors like Y Combinator, Sequoia Capital, Initialized Capital, and DAG Ventures. Ex-Autodesk CEO Carol Bartz joined PlanGrid's board of directors in 2016.

Editor's note: The story has been corrected to show that PlanGrid raised $69 million, not $66 million.