Stuttgart, Germany, 26 February 2018. In the joint venture YTWO Formative, founded in September 2016 between the RIB Group and Flex the world's first provider of a cloud-based, combined 5D BIM and supply chain management enterprise solution for real estate developers and housing companies, Flex has waived its redemption right with respect to its stake in the YTWO Formative joint venture.
Under the original agreement, Flex was entitled to exercise a right of redemption in respect to its stake in YTWO Formative within a given redemption deadline if certain contractually defined performance targets were not met. As early as 2017, Flex approved a postponement of the redemption deadline due to the positive developments YTWO Formative was experiencing. Due to the now agreed waiver, a redemption right for Flex no longer exists. Both companies invested $60 million in the joint venture for a 50 percent stake.
“We are excited about the building momentum and interest in the YTWO Formative platform and based on its success so far we have removed our redemption right,” said Mike McNamara, CEO of Flex.
About YTWO Formative
Established in 2016, YTWO Formative is a joint venture of RIB, the world’s leading web-based 5D BIM enterprise solution provider, and Flex, the global supply chain management solutions provider. Combining digitalization and industrialization, YTWO Formative offers a fully integrated end-to-end cloud-based 5D BIM enterprise platform to support the building and housing industries worldwide. The digitalized and industrialized working process can generate savings and benefits of up to 30%.
The RIB Group
RIB Software SE is an innovator in construction business. The company creates, develops, and offers iTWO³ – new thinking, new working method and new technology - for construction projects across various industries worldwide. iTWO today is the world’s first Cloud / License based Big Data 5D BIM enterprise solution for construction companies, industrial companies, developers and investors. Since its inception in 1961, RIB Software SE has been the pioneer in construction innovation, exploring and bringing in new thinking, new working method and new technology to enhance construction productivity, and transforming the construction industry into the most advanced and digitalized industry in the 21st century. RIB is headquartered in Stuttgart, Germany, and listed in Prime Standard Frankfurt Stock Exchange since 2011. With about 800 talents located in over 30 offices worldwide, RIB is serving 100,000 clients including construction contractors, sub-contractors, developers, owners, investors and governments, in the field of building construction, infrastructure, EPC sector and more.