Trimble Navigation Limited
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Trimble to Enhance its Office-to-Field Platform with the Acquisition of
SUNNYVALE, Calif., April 26, 2012—Trimble (NASDAQ: TRMB) today announced that it has entered into a definitive agreement to acquire SketchUp®, one of the most popular 3D modeling tools in the world, from Google (NASDAQ: GOOG). The transaction is expected to close in the second quarter of 2012, subject to customary closing conditions and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. While financial terms are not being disclosed the transaction is not expected to be material to 2012 earnings per share.
SketchUp is currently used by millions of users annually—ranging from architects to engineering and construction firms to building and design professionals—for designing, modeling and visualizing projects. The SketchUp product and its vision of "3D modeling for everyone" has allowed modelers worldwide, across a wide range of industries, to express design concepts easily, accurately and efficiently. Additionally, SketchUp users benefit from its extensive third-party developer community that provides industry-specific solutions for a variety of customers.
As part of the SketchUp platform, Trimble will also partner with Google on running and further developing SketchUp's 3D Warehouse, an online repository where users can find, share, store and collaborate on 3D models. The site enables users to create collections of models, including 3D Buildings, and share them with fellow modelers around the world. Individual models can be loaded, saved and viewed in 3D from within SketchUp or a web browser. For the foreseeable future, Google will host and operate the 3D Warehouse for Trimble and together the companies will continue to offer the same capabilities, functions and services that are offered today. The ability for users to submit 3D Buildings for potential acceptance and viewing in Google Earth will be maintained. Currently the 3D Warehouse has almost two million user-generated models.
"SketchUp and the corresponding 3D Warehouse provide an important element of our long term strategy by enhancing the integration of our field presence with the wider enterprise," said Bryn Fosburgh, Trimble vice president. "Trimble has already created the de-facto standard for field data models and project management tools for our key markets. SketchUp, together with these existing capabilities, will provide a stand-alone and enterprise solution that will enable an integrated and seamless workflow to reduce rework and improve productivity for the customer. Users will be able to collect data, design, model, and collaborate on one platform. The combined capability will enhance our ability to extend our existing market applications including the cadastral, heavy civil, and building and construction industries. In addition, the SketchUp platform will enable Trimble, third-party developers and our distribution partners to efficiently develop new applications."
"Since its inception, the SketchUp team has been committed to providing a robust, user-centric solution to its community and we look forward to engaging their talent and expertise. Beyond extending the reach of the product into Trimble's commercial markets, we are committed to continuing to provide SketchUp as a free version to millions of users. Trimble and Google will also continue to collaborate on utilizing other Google tools for Trimble's markets that, along with SketchUp, will provide our customers innovative and productive tools that transform their work," concluded Fosburgh.
"In Trimble, we found a partner that will grow SketchUp in a way that best supports the SketchUp team and our users," said Brian McClendon, Google's vice president of engineering. "While at Google, the SketchUp community grew significantly because the team put users first, and we are confident they will continue to do so at Trimble. We at Google look forward to a continued partnership with Trimble and the SketchUp team."
As a part of Google, SketchUp's charter was to empower a worldwide community of users to create 3D models for whatever their imagination could envision. Examples range from household furniture to famous stadiums and other buildings. These users come from a variety of backgrounds, with a large part of SketchUp's user community coming from a professional architectural or engineering and construction background. As a part of Trimble, SketchUp will continue to support all of its current users through its Web site at: http://sketchup.google.com. Concurrently, the SketchUp engine will be integrated into Trimble's current solutions in its Engineering and Construction, Field Solutions and Mobile Solutions segments.
Trimble applies technology to make field and mobile workers in businesses and government significantly more productive. Solutions are focused on applications requiring position or location—including surveying, construction, agriculture, fleet and asset management, public safety and mapping. In addition to utilizing positioning technologies, such as GPS, lasers and optics, Trimble solutions may include software content specific to the needs of the user. Wireless technologies are utilized to deliver the solution to the user and to ensure a tight coupling of the field and the back office. Founded in 1978, Trimble is headquartered in Sunnyvale, Calif.
For more information, visit: http://3d.trimble.com.
Certain statements made in this press release include forward-looking statements within the meaning of Section 21E of the Securities Exchange Act and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These statements include the timing of closing the acquisition and its expected financial impact on earnings per share. These forward-looking statements are subject to change, and actual results may materially differ from those set forth in this press release due to certain risks and uncertainties. Factors that could cause or contribute to changes in such forward-looking statements include, but are not limited to (i) realizing the anticipated benefits of the acquisition of SketchUp, (ii) successfully completing the acquisition of SketchUp and the timing of the closing, (iii) Trimble's ability to successfully integrate and expand the SketchUp platform and, (iv) the risks and uncertainties associated with unexpected expenditures or assumed liabilities that may be incurred as a result of the acquisition and retaining key SketchUp personnel and customers. The timing of closing will depend on the receipt of regulatory approvals and the satisfaction of closing conditions. Any failure to achieve predicted results could negatively impact Trimble's revenues, cash flow from operations, and other financial results. Trimble's financial results will also depend on a number of other factors, including the risks detailed from time to time in reports filed with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and its annual report on Form 10-K. Undue reliance should not be placed on any forward-looking statement contained herein, especially in light of greater uncertainty than normal in the economy in general. These statements reflect Trimbleï¿½s position as of the date of this release. Trimble expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in Trimbleï¿½s expectations or any change of events, conditions, or circumstances on which any such statement is based.
Media Contact: LeaAnn McNabb of Trimble: 408-481-7808