RIB acquires share of Hong Kong based software company
RIB acquires share of Hong Kong based software company
Flex, the Sketch-to-Scale™ solutions provider that designs and builds intelligent products for a connected world, and RIB Group, the world’s leading provider of 5D Building Information Modeling (BIM) Big Data technology for the construction industry, have formed a joint venture (JV) that will transform the $9 trillion building and housing industry.
The joint venture will operate under the name YTWO Formative and provide an open platform, cloud-based software solution that combines the strength of RIB’s iTWO 5D BIM software capabilities with Flex’s manufacturing, supply chain management and logistics expertise. By combining the strengths of the two companies, YTWO Formative offers a fully integrated enterprise software platform that will take a project all the way from full virtualization, which includes time, cost, materials and a complete 3D model, to supply chain execution and production completion.
YTWO Formative is an integrated, intelligent platform that eliminates the need for investment in expensive IT systems and software licenses and allows customers to create accurate, detailed construction project plans, facilitated by a catalog of home and modular construction products, providing critical intelligence on pricing and lead times. The JV aims to modernize practices in the fields of architecture, engineering and construction.
“RIB provides the best enterprise solution available for construction planning and management in this $9 trillion *) and growing industry, and Flex is the leader in global supply chain solutions. By combining our expertise in YTWO Formative, we are building a smarter, more connected system, using modern software architecture and real-time information, which will reduce costs by up to 50 percent, shorten cycle times, improve efficiency and help complete projects on schedule,” said Mike McNamara, CEO at Flex. “YTWO Formative fits perfectly with our strategy of creating Sketch-to-Scale solutions by leveraging our expansive platform. This industry represents a massive opportunity as we open up a completely new market for Flex.”
Thomas Wolf, CEO at RIB, 30-year veteran of the construction industry and a pioneer in BIM software said, “Over 60 percent of major projects are over budget or behind schedule **), underscoring the need for improved efficiencies. Together with Flex, we are delivering a fully integrated solution on a single platform that addresses this need with state-of-the-art technology, design-to-project-completion solutions, synchronized supply chain planning with direct access, and more.”
Flex and RIB have each contributed approximately $60 million for a non-controlling interest in the joint venture, which has received regulatory clearance.
For more information on YTWO Formative, visit: http://www.ytwoformative.com
Flex Ltd. is the Sketch-to-Scale™ solutions provider that designs and builds intelligent products for a connected world. With approximately 200,000 professionals across 30 countries, Flex provides innovative design, engineering, manufacturing, real-time supply chain insight and logistics services to companies of all sizes in various industries and end-markets. For more information, visit www.flextronics.com or follow us on Twitter @Flextronics. Flex – Live Smarter™
*) Source: Oxford Economics, Global Construction 2030, November 2015
**) Source: Construction Industry Institute (CII) 2015 Performance Assessment
The RIB Group has successfully held its 4th world conference, iTWO World 2016, from November 16th to 18th.
At the conference, the worldwide iTWO community shared knowledge and ideas with regards to Construction 4.0, highlighting topics such as the Internet of Things (IoT), construction digitalization with iTWO 5D BIM, Supply Chain Management for construction, iTWO global education as well as enterprise management in innovation transformation. The world’s first cloud-based 5D BIM IoT Enterprise Solution iTWO 4.0 was unveiled and is expected to drive digital enterprise management in the construction industry towards a new horizon.
As the first iTWO World conference ever held in mainland China, iTWO World 2016 invited over 300 visionaries from 21 countries. Top executives from RIB, Flex, McKinsey, Autodesk and a total of 24 world leading companies shared their success stories and provided in-depth insights on iTWO 5D BIM end-to-end enterprise management and its integration with advanced 3D BIM design and supply chain management
Three prestigious universities from Germany, the USA and Hong Kong presented their cooperation with RIB and their achievements in developing next-gen BIM talents.
RIB, which is the leading provider of 5D BIM Big Data technology to the construction industry, and Flex, the Sketch-to-Scale™ solutions provider that designs and builds intelligent products for a connected world, have combined their expertise and formed a groundbreaking joint venture named YTWO Formative, providing an open platform, cloud-based software solution that fully integrates end-to-end project lifecycle management with the physical supply chain and delivers “Made to Design” solutions to modernize the AEC business.
The podium discussion sessions were stimulating, with the audience participating actively in lively discussions on the digitalization of the global building industry, modular construction, 5D-BIM approach in education etc.
The iTWO Manifesto was signed by iTWO visionaries to show their commitment to unite, inspire and empower Smart Building and Smart Future.
The first two days of the conference were followed by a night cruise on Pearl River, where the guests immersed themselves in the breathtaking Guangzhou city and enjoyed face-to-face communication with global visionaries.
The conference also featured an exciting hands-on session in the iTWO 5D Lab, where participants experienced iTWO’s 5D-BIM end-to-end management system as well as iTWO 4.0 and gained first-hand knowledge of how big data and disruptive technology can transform enterprise management and bring real value to the industry.
Integrating data, people and machines, state-of-art information technology is continuously advancing the building and construction industry. “Technology has changed over the last few decades in the automotive industry, the entertainment industry, as well as people’s daily lives. Now the same thing is happening in the building and construction industry. Internet of Things technologies, Big Data, Cloud, 5D, and Virtual Reality technologies are entering and revolutionizing the industry. Digitalization and industrialization is an unstoppable process. Innovation transformation management is necessary to adapt to change and take advantage of technological development. RIB would like to be the preferred partner, running together with iTWO community members to achieve this transformation“, said Thomas Wolf, CEO of RIB Group.
“Partnering with RIB to create a smarter, more connected world – this is the best idea that we can find today”, said Mr. Mike McNamara, Chief Executive Officer of Flex. “We are pushing the boundaries of construction by harnessing the power of technology to advance Construction 4.0. Running together with the iTWO community, we build the future for the next generation.”
Watch a brief review video here: https://youtu.be/PpA1iFi0nII?list=PLPLbVbkajU-LAawm1WLLGLj3Gi5wrTlff
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RIB Software, the world’s leading provider of 5D BIM Big Data technology for the construction industry, announces the conclusion of a large deal with CG Gruppe AG, the German market leader in the field of storey rental housing construction for institutional capital management companies.
Erik von Stebut, Managing Director of RIB Deutschland GmbH, comments: "We are very pleased that the CG Gruppe, one of the leading project developers in Germany, will rely on the integrated iTWO 4.0 enterprise solution from RIB. In all planning and execution phases, the CG Gruppe will therefore benefit from transparent budgeting and full cost control."
The next step is to network iTWO 4.0's complete model-based approach with purchasing, production and logistics processes. This will create the most innovative solution on the market in the coming months, covering all project phases from planning to operation.
"Together with RIB, we are implementing a solution that digitizes all processes in the property's value chain from initial idea to completion and rental. This creates systems and products that have not yet existed on the German market. In the CG Group, information technology is no longer just a support function but a core competency," explains Christoph Gröner, CEO of CG Gruppe AG. "For the practical implementation in construction, this solution provides tremendous acceleration and accurate cost forecasting and cost tracking," reaffirms Gröner.
About CG Gruppe AG
The CG Gruppe is a real estate developer with its own construction expertise. For more than twenty years, the company has handled all development, construction and sale of its residential and commercial properties nationwide. Investments are focused on major German cities such as Berlin, Leipzig, Dresden, Frankfurt/Main, Cologne, and Düsseldorf. More than 250 staff members provide for frequent high quality and sustainability of all real estate products in terms of acquisition, development, and construction. The company’s core business is the construction of rental buildings and their placement with institutional investors. In this segment, the CG Gruppe holds the market-leading position in Germany. The CG Group AG is currently preparing projects worth EUR 1.8 billion. The company’s performance horizon invested within the coming five to seven years totals approximately EUR 3.9 billion.
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