The American Institute of Architects has announced a strategic partnership with True Wind Capital—a San Francisco–based private equity firm with a focus on the technology sector—for the AIA Contract Documents program. Though the Institute will remain an owner in the ACD business, "this partnership will allow AIA to focus on its mission-based priorities where it can have the greatest impact," according to an AIA press release.
“This is a great opportunity for the profession,” said executive vice president/CEO Robert Ivy, FAIA, in the same release. “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.”
“AIA’s Contract Documents has had a storied legacy in the market for the last 132 years,” said AIA 2020 President Jane Frederick, FAIA, also in the same release. “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.”
Going forward, ACD will operate as a stand-alone business; Chris Anderson, the former CEO of Building Systems Design, has been appointed CEO of ACD. “I am honored to work alongside AIA to take ACD to the next level,” Anderson said in the same release. “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.”
According to an FAQ for members about the partnership on AIA's website, current ACD customers should feel "little to no impact" in the short term, and AIA members will continue to receive discounts on ACD product licenses. The partnership allows more investment in the program. "A great number of companies in the construction industry are offering multiple, integrated technology solutions," a response in the FAQ says. "To stay competitive in this market, ACD needs meaningful investment, and this new partnership will create strategic initiatives that will accelerate improvements to the ACD platform."
