On October 30, 2020, the American Institute of Architects (“AIA”) and its Contract Documents program announced a strategic partnership with True Wind Capital (“TWC”), a leading private equity firm focused on investments in targeted segments of technology.

Kroll’s Technology M&A Practice, served as the exclusive financial advisor to AIA. Gibson, Dunn & Crutcher LLP served as legal advisor to TWC. Blank Rome LLP served as legal advisor to AIA.

TWC will invest in AIA’s Contract Documents (ACD), the leading provider of customizable legal contracts for the architecture, engineering and construction industry. AIA’s contract documents have been the gold-standard of legal documents and a thought leader within the industry for more than 130 years, with a legacy dating back to 1888.

The AIA will continue to play a significant role in the future and direction of ACD.

“This is a great opportunity for the profession,” said Executive Vice President/CEO 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 100 years will bring to ACD.”

This partnership will allow AIA to focus on mission-based priorities where it can have the greatest impact.

As part of the new strategic partnership, Chris Anderson has been appointed CEO of ACD. Chris Anderson was the former CEO of Building Systems Design (BSD), a provider of specification software and content. “I could not be more excited about the opportunity to partner with the AIA, and for the future of AIA Contract Documents,” said Chris Anderson. “AIA has a remarkable brand and reputation within the industry. I look forward to building upon the successful legacy of the program and delivering further value to the ACD customers.”

Aaron Matto, Partner at True Wind Capital, added, “We are thrilled to be a partner to AIA in the next phase of ACD’s growth and development. We are excited to leverage our deep expertise in enterprise software to drive continued investment and innovation into the product.”

Commenting on the transaction, Robert Ivy, FAIA, further added, “Kroll’s Technology M&A Practice, was instrumental in the development and successful fulfillment of an investment partnership strategy for AIA and it’s Contract Documents business, which has been the gold standard in the construction industry since 1888. Their guidance and expertise was critical throughout the process. Karan Kapoor, Katie Trela and their team enabled AIA to maximize the value of the new partnership for the future of Contract Documents while keeping AIA’s values and mission front and center.”

About the American Institute of Architects 
Founded in 1857, AIA consistently works to create more valuable, healthy, secure, and sustainable buildings, neighborhoods, and communities. Through more than 200 international, state and local chapters, AIA advocates for public policies that promote economic vitality and public wellbeing.

AIA provides its 95,000 members with tools and resources to assist them in their careers and business as well as engages civic and government leaders and the public to find solutions to pressing issues facing our communities, institutions, nation, and world. Members adhere to a code of ethics and conduct to ensure the highest professional standards.

About True Wind Capital
True Wind Capital is a San Francisco-based private equity firm focused on investing in leading technology companies. True Wind Capital is a value-added partner, providing support and expertise that is rooted in its teams' 75+ years of collective investing experience. True Wind Capital's founding partners have successfully invested more than $15 billion of equity in transactions with over $75 billion of value across a variety of industries, geographies, economic cycles and transaction types. True Wind Capital investments include ARI Network Services, Nebula Acquisition Corp., The Switch, Transflo, Sysnet, Zix, and Open Lending.