DIRTT announces U.S. investment in ICE software platform
The deal includes 50% ownership of the platform’s technology.
DIRTT’s ICE software includes virtual reality features. – DIRTT
Calgary-based industrialized construction company DIRTT has announced an American wall and ceiling manufacturer will co-own its ICE software platform.
DIRTT has entered into a joint arrangement with Armstrong World Industries, Inc. (AWI) for co-ownership of certain intellectual property interest in DIRTT’s ICE software and enhanced commercial partnership opportunities for consideration of approximately USD$11 million.
DIRTT officials stated that the ICE software platform has been integral to its success from inception. They explained that the tool supports the construction process through its integration of the design, sale, pricing, and manufacturing process.
AWI stated that it recognizes the value of DIRTT’s ICE software as a critical enabler for their ProjectWorks design and pre-construction service, including continuing expansion of AWI’s product portfolio with the software.
“We believe AWI’s investment in ICE software is a strong validation of the software’s unique value in digital transformations for organizations creating built environments,” said Benjamin Urban, DIRTT CEO. “DIRTT is excited for this partnership as it will provide additional resources and investment to move ICE software forward, while leveraging the partnership to identify and capitalize on new commercial opportunities and possible revenue growth capabilities.”
Jill Crager, AWI senior vice president, sales operations, said she believes the software can help accelerate the design capabilities of ProjectWorks and significantly increase the speed with which Armstrong can integrate products from across its portfolio into ProjectWorks.
“We believe this investment supports our digital strategy to serve customers efficiently and effectively with industry-leading design support and will continue to differentiate AWI in the commercial construction industry,” she said.
The joint arrangement will enable further investment in the ICE software platform for the shared interests of both DIRTT and AWI, as well as the potential for additional collaborative activities. DIRTT will also continue to advance the ICE software platform for use in its own business and corporate objectives.
Under the new arrangement, AWI will receive a 50% interest in certain intellectual property underlying DIRTT’s ICE software related to AWI’s product offering. In addition, AWI has also prepaid for certain development services to be provided by DIRTT.