Kingspan takes $10m stake in property tech firm Invicara

Insulation specialist Kingspan is buying a stake in US software company Invicara for more than €8 million.

Headquartered in Michigan, Invicara has developed software that allows architects, engineers, contractors and building owners to save time and money on construction projects.

Kingspan said on Thursday that it is investing $10 million (€8.16 million) in the software developer in return for a minority stake.

The deal is the company’s first step outside the building materials and insulation products in which the Cavan-headquartered group specialises.

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Louise Foody, Kingspan's director of digital, and Mike Stenson, its head of innovation, will join Invicara's board.

Ms Foody described Invicara’s technology as a “game-changer”. She said the Irish group wanted to use technology to align its products and services more closely with its customers’ needs.

Anand Mecheri, Invicara’s chief executive and founder, predicted the company’s relationship with Kingspan would open new market opportunities for the business.

Invicara is based in Dublin, where it opened an office in late November, Singapore and the US. It employs 40 people.

The company develops software that integrates with building information modelling (BIM) technology to provide detailed three-dimensional digital representations of buildings. Its flagship product BIM Assure is used by organisations including investors Irish Property Unit Trust, Trinity College Dublin and developer Seán Mulryan's Ballymore Group.

Mr Mecheri said Invicara's software provided and managed the data needed to design and construct buildings, and to maintain them after the work was completed.

“Our system provides all the information needed to maintain and manage the building over its life. It’s a data-management system for buildings,” he said. Mr Mecheri added that the information can be accessed by a single click.

Kingspan makes insulation boards and products, flooring and other building materials. The group has operations in Ireland, Britain, Europe, the Americas and Australia.

It spent €620 million buying 10 businesses in 2017. Its investment in Invicara is the first deal it has announced this year.