The American Institute of Architects (AIA) and its Contract Documents program has announced a strategic partnership with True Wind Capital (TWC), a leading private equity firm focused on investments in targeted segments of technology.
True Wind Capital will invest in AIA Contract Documents (ACD), a provider of customizable legal contracts for the Architecture, Engineering, and Construction (AEC) industry. AIA’s Contract Documents have been the gold-standard of legal documents and a thought leader within the industry since 1888.
“This is a great opportunity for the profession,” says EVP/Chief Executive Officer Robert Ivy, FAIA. “The construction technology industry is rapidly evolving. Alongside True Wind, AIA is eager to continue to invest in ACD to drive long-term value to constituents across the industry. The AIA looks forward to this long-term relationship and what the next 132 years will bring to ACD.”
This partnership will allow AIA to focus on its mission-based priorities where it can have the greatest impact.
“AIA’s Contract Documents has had a storied legacy in the market for the last 132 years,” says AIA 2020 President Jane Frederick, FAIA. “It has been a tried and true product that has defined the terms and relationships involved in design and construction projects. But like so much in our industry, it has advanced far beyond being a collection of 200 contracts and forms. We need to think of this as a digital service that requires sophisticated user-friendly technology. In True Wind Capital, AIA has found a partner with the full expertise and resources to invest in ACD’s long-term success.”
As part of the strategic partnership, Chris Anderson has been appointed Chief Executive Officer of ACD. Anderson was the former CEO of Building Systems Design (BSD), a provider of specification software and content. “I am honored to work alongside AIA to take ACD to the next level,” says Chris Anderson. “AIA has a remarkable brand and reputation within the industry, and I look forward to building upon the successful legacy of the program and delivering further value to our ACD customers.”
Aaron Matto, partner at True Wind Capital, adds, “We are thrilled to support AIA and Chris in this next phase of ACD’s growth and development. Our deep expertise in enterprise software and construction technology will help drive continued investment and innovation into the product.”