SAN JOSE, Calif. and
STUTTGART, Germany, Nov. 22, 2016 /PRNewswire/ -- Flex (NASDAQ:
FLEX), the Sketch-to-Scale™ solutions provider that designs
and builds intelligent products for a connected world, and RIB
Software AG (TecDAX: RIB), 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, providing 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 two
companies' strengths, 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 projection 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 trillion1 and growing industry, and
Flex is the leader in global supply chain solutions. With our
combined 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
schedule2, 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
About Flex
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™
About RIB
RIB Software AG 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 AG 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 700
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.
Contacts:
Renee Brotherton Paul Brunato
|
Kevin
Kessel
|
Corporate
Communications
|
Investor
Relations
|
(408) 576-7189
(408) 576-7534
|
(408)
576-7985
|
renee.brotherton@flextronics.com
|
kevin.kessel@flextronics.com
|
paul.brunato@flextronics.com
|
|
1 Oxford Economics, Global Construction 2030,
November 2015
2 Construction Industry Institute (CII) 2015 Performance
Assessment
Logo - http://photos.prnewswire.com/prnh/20150504/213717LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/flex-and-rib-software-join-forces-to-transform-building-and-housing-industry-300367092.html
SOURCE Flex