Prioritising Information Management and Modelling in Asset Management

As an industry, we need to start viewing information as an important asset in its own right, on par with the physical built facility. And all this starts with the asset owners, the clients. Clients procure buildings, bridges, and roads, but they also procure the information that relates to them which is just as important. If that information is received in a way that is useful and there are processes in place to manage it, it can provide great value to organisations. This is what helps built assets stay safe and allow sound business decisions to be made.

But to do this, information management needs to be given more attention and resources within organisations than it currently does. It should be defined before any projects and other appointments take place by managing the information exchanges that happen within organisations, this helps to determine why built asset information is needed. Clients are the most important actors in information management as they provide the inputs and set up the framework.

 

What is information management?

Information management provides a framework to support the specification, delivery and governance of all information (unstructured and structured) across a built asset’s life.

Information management is about the specification, delivery, and governance of just the right amount of information concerning the design, construction, operation, maintenance and decommissioning of buildings and infrastructure and that’s across all information (whether that’s structured in databases or unstructured in drawings and documents). This ultimately allows us to track and receive trusted information that is useful.

Building information modelling (BIM) is concerned with the management of structured information within the wider information management framework. Its key aim is to make as much of our information as structured as possible utilising information models to connect it all up. Only when it is structured, can we find, share, assure and query information through automation and at a bigger scale to ultimately gain insight.

Diagram showing the layers of information management across an asset’s lifecycle

The layers of information management across an asset’s lifecycle

 

To describe information management visually, across an asset’s life, there is both an activity-based management layer, which people interact with, and an information layer which technology mainly interacts with. It’s both these layers that make up information management.

In reality, we are sadly still working in a tangled and highly chaotic web of stuff. Incorrect, incomplete, and lost information introduces so much risk to projects and organisations, yet for an industry obsessed with risk, it’s barely ever thought about. As we create more data, develop new standards, processes, and technology, and form new initiatives, this beast is growing and getting more tangled by the day.

Over the years in the built and natural environment, there has been an increase in the need for information, from best practices, standards, policies, and regulations — a great example is what is now required for the Building Safety Act. This has resulted in more and more information (and data) being produced.

Technology allows us to produce vast amounts of information quite easily and readily, but the main problem lies in its quality, which is compromised by a lack of trust and constant overlapping, contradicting, and duplication. And while technology has evolved substantially, our maturity concerning information has not, so we are guided by technology and not by the information itself and the science behind it.

If we think of the industry as a tree — the top part being the information and data which is growing rapidly, chaotically and getting bigger by the day — in comparison to the small roots which represent what we have in terms of the understanding and implementation of information science principles. A tree with weak roots will not only impair the growth above but it will also become unstable.

The worry is, it will become too chaotic that we can’t unpick it. There’s a growing focus on technological solutions that incorporate artificial intelligence (AI). But while it’s important to see where AI fits into the overall information management puzzle, it will not automatically solve the industry’s greatest challenges. We’ve seen time and time again that when uncontrolled and unsupervised, applying technology on its own, doesn’t work. The danger is that AI could move us even further away from understanding our information raising the same questions about quality and trust.

We need to do the groundwork to make the roots bigger and to set out the basic principles and how it all joins up, to work towards a universal bigger picture. But there are barriers in the way.

 

CTA banner for a white paper entitled, 'Rethinking information management and modelling'

 

Barriers to better information management

Information barriers can disrupt information flows within an organisation, leading to inefficiencies and information waste. These challenges are often rooted in organisational structures, people-oriented factors, and technology-related issues.

Organisational challenges primarily stem from departmental silos or hierarchical structures that impair communication and collaboration. For example, the separation of capital projects and operations can silo the management of capital projects and the ongoing operational activities of an organisation making it difficult to have one set of agreed information requirements.

One of the greatest barriers comes down to procurement models and insurance that dictate adversarial behaviours this impacts significantly on the type of information that is produced and how it flows between parties.

Addressing people-oriented factors involves addressing the basics of information and data literacy but also attracting people with advanced information and data science skills and knowledge. It’s also about understanding the need for ongoing change management to help people understand the ‘why’ using different forms of communication.

In terms of technology, ever since CAD software was introduced, its language, structure, and rules have been crucial in defining information for the asset, which is often poorly considered. With the advancement of BIM, this technology first approach has only gotten worse. Software applications are tools that process information they should never be used to define it. The structure and language of information should be defined outside of software considering the bigger information management picture and be neutral and open.

Therefore, information should be defined independently of software applications. Technology is important, of course. However, it needs to serve the information not the other way round.

 

The management layer of information management

 

Diagram showing the management layer across an asset’s lifecycle

The management layer across an asset’s lifecycle

 

The management layer consists of cycles of activities required to manage information, these are similar to the activities that the Government and Industry Interoperability Group (GIIG) is based upon. It is important to understand that the activities are appointment based not work-stage-based, therefore each appointment has its own information timeline. Therefore, after the need and requirements have been established within an organisation for each appointment the information receiver (for example, a client) specifies what information is needed and uses this to select the right suppliers to deliver the information (this goes into contracts). Next, the suppliers plan the delivery and deliver the information where it is assured against the original requirements and hosted within a store. The information is then presented or visualised for reporting purposes and used or exploited to manage projects (and other trigger events), assets or an entire organisation.

These activities represent what ISO 19650 is all about and why ISO 19650 is the standard to govern the management layer. Going through each activity would create a very long paper therefore the below concentrates on the specification and plan activities.

 

ISO 19650 and focusing on the specification and plan activities

In ISO 19650 more responsibility is put onto the client to set up the information management ecosystem before any projects are started. This starts with clients defining their information requirements. However, in the past we have seen that some clients will ask for everything in the standards, others will ask the delivery team to tell them what they want, or others will just ask for BIM. Therefore, more focus has been put on the purposes of information, whether that’s to perform a task, answer a question, or make a decision, to effectively manage events such as projects or maintenance activities, but also the assets or even an organisation. This is what determines the content of information requirements.

Information requirements are made up of both unstructured and structured information generated as the result of defining purposes. Structured information is object-based so we need to specify the information against the objects. From here we can use the level of information-need framework which helps to break information down both: alphanumerically and geometrically and enables objects to be related to documentation. Metadata also needs defining and for unstructured information, the content can be specified. This all needs to be considered in the context of when is it required and which appointment will deliver it, ultimately creating a filtered set called ‘exchange information requirements’. The Information Delivery Specification (IDS) which you might have heard of (developed by buildingSMART International) provides a machine-interpretable language to ensure the delivered information meets these requirements.

When specifying information requirements the three below guidelines should be considered:

  • Information requirements should be defined at a portfolio level and filtered and adapted to create exchange information requirements.
  • Information requirements should be created within a database as they are formed of multiple connected facets.
  • Exchange information requirements are for the purpose of tendering and providing the base of the master information delivery plan.

Screenshot of a database showing information requirements

This is what information requirements look like in real life: a database of information requirements based on the level of information need associated with purposes.

 

When we think of information requirements we always think of the appointing party or the client, but actually everyone has information requirements. ISO 19650 doesn’t currently cover everyone, but it does cover the lead appointed party’s information requirements. This isn’t well understood. So, if you’re directly appointed to the client for example a designer, employer’s agent, cost consultant or main contractor you take the client’s information requirements and incorporate them within your own, to assess the capability and capacity of any suppliers you have.

After the appointment of the client’s supplier, the combined information requirements are then detailed further to make them practically deliverable. The first step is listing the actual deliverables. This is done by taking the information requirements and using them as the base data set to create the master information delivery plan. In other words, it’s a programme for delivering information. At this point, the object breakdown is more granular for work packages and the aspect of time is more complex as it links to actual tasks.

 

The information layer of information management

 

Diagram showing the information layer across an asset’s lifecycle

The information layer across an asset’s lifecycle

 

Across all the activities in the management layer, the information needs to be named, ordered, and connected in the same consistent way. This is the job of the information layer.

The information layer is concerned with the organisation and constraints of information to enable information to be connected and shared, this layer can also be thought of as data.

Within this layer, there are many standards, and it is important to understand why standardisation is required.

Returning to the point about the technology first approach, over the years, since the introduction of CAD software, we’ve observed that the proprietary language, structure, and rules of software have played a significant role in defining information for assets, rather than considering the needs of the organisation. While this approach works within the specific software environment, it becomes problematic when you try to use it elsewhere. Information created for one software environment often struggles to exist outside of it or can’t be easily shared because it’s in a different language that’s incompatible with other systems. This can create a point-to-point scenario where data must be transformed and translated as it is passed on between applications. As the number of applications we use grows, we will have hundreds of potential permutations.

But that’s only the start, if we drill down further… as asset owners adopt more data-based ways of working we have the scenario where each user will have their own bespoke data structure (even though they will be very similar) and this creates a limitless number of permutations and is an interoperability time bomb waiting to explode!

There needs to be a longer-term sustainable solution to this exchange problem.

Currently, even at one simple exchange, we can have problems getting the right data out of one system to then into another. As an industry, we have huge problems with interoperability and as a result, we struggle to get our systems to work together, this isn’t just in the design stages but throughout a facility’s life.

So, what is the answer?

  1. We put information first so it’s the software which serves the information, not the other way around.
  2. We open up information so we are not limiting which software applications can plug in.
  3. We use a standard approach, so the data doesn’t require so much transforming.

So rather than this point-to-point scenario we get a baseline information layer which spans an asset’s life containing all the standardised structures, rules, and language to enable information to be shared.

If we have standardisation, this enables the receiving platform to know where to look for the data it needs and what the relationships are, so it too can make sense of it. This allows us to automate tasks, such as checking, analysing large data sets, and carrying out predictions.

Several standards occupy this layer. However, to give us any chance of joining this up we need to use an object-based approach because it’s the objects that connect everything, an approach that utilises schemas and data models. One such data model and schema that provides the foundational object framework to represent the built environment is Industry Foundation Classes (IFC).

 

What is the Industry Foundation Classes (IFC) format?

Industry Foundation Classes or IFC, provides the object structure and connections in the information layer. This is managed by buildingSMART International a non-profit organisation. In basic terms, it sets out how objects or ‘things’ are ordered and how they relate to each other. Humans see buildings and infrastructure as physical things; we know that windows are in walls and columns connect to beams. A computer however needs to be able to understand the same things via a computer language and that’s what IFC is, it’s a digital representation of a facility.

At its core is an object-based data model which provides the rules to give everything a unique place and to connect it all up. It contains three important parts: entities, attributes, and relationships. These entities can cover anything including a door, a system, a whole facility, a task, and some even represent geometry. And there are some entities which allow us to connect to the outside world. We can link documentation to objects (therefore very importantly connecting structured and unstructured information), link to external databases which will contain their own data models and dictionaries for product manufacturers’ data and add classifications to give it a local language.

Looking at classification further, IFC for its objects uses a neutral language because it has to span all sectors, and all purposes and, because it’s international, all countries. It’s also for computers, therefore the language is very logical — language that most of us in the built environment don’t use. For example, ‘IfcLightFixture.PointSource’ is a light which emits from a point, but you wouldn’t go down to your local B&Q store and ask where the point source lights are. So, we need to be able to attach a language to these IFC objects to customise them to the needs of a sector, purpose, or country. This is where classification comes in. Uniclass provides the UK-based language, it tags an IFC object bridging the gap between humans and the IFC data model. But IFC is not the same as a classification system, IFC allows for an effective data exchange.

IFC is a framework of connections or a model of data and it’s the connections or the relationships which make it so powerful. It connects objects such as the pump to other objects and those objects contain their own metadata. This enables the pump to be associated to a space and a building and a site just from tracking through the relationships. This relationship is not required to be stored as a string in thew pump name.

We need to start thinking of relationships as being just as important if not more so as the entities or objects. In the image below, it’s the arrows that are the most important part of the model.

Simplified diagram of IFC connecting information

 

Simplified example of IFC connecting information

 

If we’re doing it right, IFC should be hidden in the background minding its own business and doing its job connecting data throughout an asset’s life. Most people should only see how the data is visualised or presented as information.

This can be in the form of dashboards, tables, data sheets, 3D models even construction drawings and text documents. The important part is to structure the data in accordance with the IFC schema and it can be used and displayed in so many ways.

It’s also important to understand the IFC data model doesn’t have to contain any geometrical data, the objects can just be connected to properties and visualised as a table if needed.

To transport the data, we need exchange formats. Because we are still file-based, the main format we exchange is the STEP physical format which is text-based and because it confusingly has the .ifc file extension, this has caused a big misunderstanding with many thinking IFC is just a file format and not an entire data model and schema. XML is also commonly used while another three are in development for linked data. When you think of IFC, it’s important to think of it as a data model, not a file format.

 

Bringing the management and information layers together

It’s really important to understand is for effective information management both layers have to be considered together. When we do this, it becomes clear that all the activities in the management layer are to enable the planning, creation, updating and maintenance of connected information across the life of an asset, using standardised schemas and data models like IFC. This isn’t just about design and construction but the entirety of the information management cycle.

This connected information is described in ISO 19650 as an ‘information model’. But this is where we always go wrong and where we need to start to change people’s perceptions. Because at the moment what we deliver isn’t connected, it’s a dump of separate drawings, documents, spreadsheets, 3D models and data, that don’t relate to each other, and the majority of the information is trapped in files.

 

What do we mean by information models?

A truly connected information (or data) model of entities and relationships connects data, geometry, and documentation within a database. So, when you select something, you know who created it and when and what it is connected to. This is very similar to what IFC can do. A data model such as IFC has the potential to provide this base structure of an information model within a CDE, connecting alphanumerical, geometrical information and documentation, therefore IFC is much more than a file exchange between Revit and Tekla for example.

It’s important to understand that industry-wide standardised data models used within the industry have to be open (not proprietary), not controlled by profit-making organisations and they have to be held accountable the best way is to be governed by international standards.

So rather than having CDEs as they currently are, as document management systems, we should start to release the trapped data from files and put it directly in the CDE database. It’s here that we can connect it with any remaining documentation, so we can find, share, and query, not using files, but discrete data. The word information ‘container’ was purposely used in ISO 19650 rather than ‘file’ to set us up for this.

The project information model and asset information model become truly connected data models working in the background of a database, that grow and change as those delivering information are feeding into it. For those managing projects or assets tapping into this rich connected data means that reporting becomes easier and more in depth.

For example, we could ask a database to tell us how many boilers are in building X and what spaces they are all in. To do this the database will look for building X and then through the relationships find the boilers and then the associated spaces and perform a count of the boilers. It could also tell us the information associated to the boilers and this could be scaled up across an entire estate.

ISO 19650 is very much about the management of information models, specifying the contents, procuring, planning, delivering and assuring it so that the information can be trusted and that they are kept in sync with the real-world physical asset.

 

Conclusion

Rethinking information management and modelling provides the foundations for everything digital, the golden thread, digital twins and of course AI. All this will help large language models learn in a controlled accelerated way using good data, not the chaos we have now — which will just give us rubbish in and rubbish out. We need accurate information which can be trusted, ultimately peoples’ safety relies upon it.

You might be thinking we’ll never do all this; we can’t even do coordinates! If we want to retain control over our information, we don’t have a choice. We ultimately have a decision to make about which path we go down. We either realise we are an industry which is completely fuelled by information and data, which affects everyone, and we invest properly and work together as one unit to make what we have work and lay the foundations together. Or information chaos will overwhelm us.

To learn more about what needs to happen to improve the management of information across the built environment, read our white paper. Or to gain a deeper understanding of the benefits and improvements in handling information, watch our on-demand webinar, ‘From legacy to leading edge: Rethinking information management and modelling’.

BuildData Group Predicts Information will be King in 2024

New building regulations with requirements for effective digital information management for compliance, will be a driver for tech buying decisions this year.

London, UK—18th January 2024: 2024 is the year when the Building Safety Act (BSA) will come into full force, following the first provisions rolled out in 2022 and 2023. The BSA mandates digital building information and safety cases, as well as a golden thread of information, for higher-risk buildings (HRBs). Therefore, prioritising information will be high on the industry agenda in 2024, all delivered by technology to ensure effective information management.

But the BSA is not the only regulation with a requirement for digital information competency for compliance. Photographic evidence is now mandatory to comply with Part L under Building Regulation 40. And more legislation and standards are set to follow with digital information requirements, such as the Future Homes and Building Standard, where information will be needed to support building design, construction, and management. With the evolution of the construction and property industry, there is no time like the present to get information, processes, and the technology in order to deliver better information and, therefore, building outcomes.

This emphasis on digital data and information to better manage buildings throughout their lifecycle — from planning all the way through to operations and maintenance — is not necessarily new concept. However, it is only recently that the focus has shifted across the construction and building management sectors to prioritise its importance, driven by new and updated standards and legislation. That is why BuildData Group, with its brands Zutec, Createmaster and Createmaster Information Management, believe information will be king, and should be given the same attention as the physical asset.

Emma Hooper, Head of the Research Institute at the BuildData Group, states: “As an industry we need to shift our thinking about information and data, as it lies at the core of regulation, digital transformation, and the way a built asset is designed, constructed, and operated. Essentially, we need information management to enable us to find, share, understand, use, and query what we do in an easy, digestible, and decisive way, while ensuring quality and trust. It is the linchpin of everything we do across the built environment, and without it we cannot operate effectively. In our minds, information and good information management should be as important as the built asset itself.”

 

So why will information be king in 2024?

Keeping people and our environment safe, keeping well-maintained buildings

The construction, built environment and digital worlds are constantly evolving. Therefore, ensuring the right stakeholders have the right information at the right time to make decisions, control risk, keep buildings well maintained and people and our environment safe is critical. Information is only useful if it is available, accessible, easily discoverable, and understandable and a golden thread of information is now legal requirement of duty holders and accountable persons of occupied higher-risk buildings under the BSA. This is to ensure that everyone involved in building safety management and maintenance, whether directly or indirectly, has access to key details that can help identify, assess, and mitigate risks.

When the right information is delivered at the right time — whether it’s to facilities management, the fire department, or tenants — more informed decisions can be made more quickly. With the right technology platform and stack in place building information can be surfaced, managed, and shared, and kept up to date to meet compliance. Being able to integrate with other systems means all building information can be managed in one place, supporting the journey to a golden thread of information, and making information king.

Quality over quantity

There is a plethora of information required to meet building regulation compliance. From fire and emergency files to structural information, health and safety files, as well as operations & maintenance manuals and completion certificates – all this information should have a purpose. Without purpose it is useless. This means information must be high quality to the degree that it performs that purpose, is usable and enables the outcomes it is intended for.

There are several criteria used to measure information quality, including accuracy, completeness, consistency, timeliness, and validity. All of this is important because it ensures that the information used to make key decisions is reliable. It is therefore critical to ensure information quality throughout the information management process, as without this it can lead to ineffective decision-making, construction and operational errors, and ultimately put lives and our built environment at risk.

There is also a direct correlation between information quality and information compliance. Lost, inaccessible or inaccurate information can cause huge issues, and one of the reasons we have building standards and regulations in place.

With a consistent structure, schemas, and workflows, as well as standardised forms, templates, and checklists, one platform for information management can ensure that data meets quality standards. And, when construction quality is a huge factor in delivering buildings that meet standards and compliance, then the information quality related to that building should be equally as good. Another reason to make information king.

Right data in, is right information out

Leading on from good quality information, is the right data going into the information management system or platform. The right information in, results in the right information coming out to drive the decision-making process, while controlling risks and reputation.

Many systems today have AI or machine learning functionality to help surface the right information. However, the main obstacle for AI is poor quality data, which directly impacts the reliability of the AI model in place.

When in investing in technology, it is also crucial that the data going into a platform is accurate, representative, and of high quality.

When information comes from so many sources, the construction and property industry has always struggled to collect documents and data, structure this information and label it correctly, all while maintaining quality.

Companies like Createmaster, can help collect, tag, and review the information for quality, and store in one platform (like Zutec), with dashboards to manage that information to ensure data governance and robust and accurate information, as well as tagging for findability.

Giving value back to stakeholders

In a market marred by a housing crisis, with interest rates and property prices high, more people are looking to rent, which increases rental demand. The Build to Rent market is buoyant, but like other industry sectors it’s still being hit by rising supplier, material, construction, and maintenance costs, which are generally passed onto the consumer.

By providing more value to stakeholders, through better information, communication and engagement via sales and tenancy management portals, stakeholders will feel like they are getting more value for money. Using information to enhance the service supplied will change the dynamics of seller/buyer or landlord/tenant relationships.

Therefore, to ensure a better customer experience, good quality information and management is key, so again making information king is key.

Delisting of BuildData Group AB

On 28 September 2023, the Board of the Company, at the request of BuildData Acquisition AB, resolved to apply for delisting of the Company’s shares from Nasdaq First North Growth Market. Nasdaq Stockholm has today decided that BuildData Group AB will be delisted from Nasdaq First North Growth Market. The last day of trading will be on Friday, October 20, 2023.

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For more information, please contact:

Gustave Geisendorf, CEO in BuildData Group AB

Tel: +44 7760 760 777

E-mail: gustave.geisendorf@builddata.se

 

About BuildData Group AB

BuildData Group AB is a cloud-based construction management software company. The Group’s operations are conducted in Ireland with operations in the UK, Australia and the Middle East.

The Company is listed on Nasdaq First North Growth Market and Redeye AB is the Company’s acting Certified Adviser, phone: +46 8 121 576 90, certifiedadviser@redeye.se, www.redeye.se.

BuildData Group Launches Research Institute

Vice-chair of buildingSMART UK&I and DCW 2022 Construction Champion of the Year, Emma Hooper, joins the BuildData’s Research Institute as Head of R&D

London, UK—21st September 2023:  Today, BuildData Group AB (“BuildData”) announces the launch of its Research Institute, headed up by Emma Hooper, who will be responsible for research and development across the group’s brands, Zutec & Createmaster.

Set up to better understand and take a lead on the digital transformation of the built environment, the BuildData Group Research Institute will focus on the importance of information as data, its role today and tomorrow as a valuable asset, and devise strategies and concepts to build out an information theory that will drive better building outcomes.

The built environment and digital worlds are constantly evolving, and ensuring the right stakeholders have the right information at the right time is critical. By digging deeper into the construction industry with regards to trends, standards, policy, regulations and best practice that influence information and data today, the primary purpose of the Research Institute will be to actively help shape, guide and educate the industry through research and thought leadership, with an emphasis on information management which is at the heart of digital transformation.

The BuildData Group Research Institute launches with a new paper written by Emma Hooper: “Rethinking Information Management and Modelling”, which focuses on whether the golden thread of information, a requirement of the Building Safety Act, is a product of good information management, asking the question and reviewing what needs to happen to improve the management of information across the built environment?

Emma Hooper, Head of R&D at BuildData Group’s Research Institute, states, “Our belief is that the industry requires a centre of excellence that looks at the bigger picture of information management and a common data framework, acting as think tank to help educate and shape data strategies. Our findings will feed into the wider work of BuildData Group to help provide the communications, services and products which will benefit one of the least digitised industry in the world — construction.  However, crucially it will feed into the industry itself and how we can take an integrated approach to ensure better connected and structured data which has a consistent digital language as the industry moves towards a golden thread of information.”

Gustave Geisendorf, CEO at BuildData Group, adds, “With an ever-evolving market, building regulations and standards, the Research Institute comes at a time when the role of information in the built environment has never been more necessary. It will not only enable us to deepen our knowledge and expertise of the built environment and changing landscape, but gives us the mechanism to share insight, thought leadership and research with the construction industry that helps shape its direction, particularly when it comes to building information management and modelling. We want to create a safer and more sustainable built environment, where information is as important as the building itself, and we will use our findings to educate the industry at large and drive new compelling events through digitalisation.”

To download the paper or to find out more about the Research Institute, then please click here.

For more information, please contact:

Maria Hudson: CMO, BuildData Group

maria.hudson@builddata.se

About BuildData

BuildData Group AB is a SaaS provider within construction and property technology and is listed on Nasdaq First North Growth Market. Redeye AB is the Company’s acting Certified Adviser (Tel. +46 8 121 576 90, certifiedadviser@redeye.se www.redeye.se).

 

Bond Bryan Digital Renames as Createmaster Information Management Under the Createmaster Brand

Building information management leader comes together with Createmaster to strengthen structured information delivery across the asset life cycle. 

London, UK—19th September 2023:  Today, BuildData Group AB (“BuildData”) announces it’s bringing together two of its brands to improve the way building information is specified, delivered and managed across the whole life of an asset, with Bond Bryan Digital rebranding to Createmaster Information Management. 

Combining the multi-award-winning information management and modelling company (Bond Bryan Digital) with the UK number one brand in Digital Handover (Createmaster) will bring many benefits to players across the building lifecycle. From building design, construction and handover to operations and maintenance, this complementary fit in terms of solutions will support an industry navigating mandatory building information reform.

Today both brands work with clients and contractors from across the UK to define and deliver building information and documentation across the RIBA stages of the building lifecycle, supporting customers with information management and compliance. 

Bond Bryan Digital rationalises digital building information requirements for its customers and provides information delivery based on industry best practice and international standards, including the UK BIM Framework and ISO 19650.

Createmaster provides digital handover solutions, collating, validating, and delivering asset information and building manuals for customers to support Building Safety Act Gateway 3 compliance and ensure a smooth handover at project completion. 

Core solutions delivered to customers won’t change, but the Createmaster brand will be enhanced by adding market-leading information management and building information modelling (BIM) solutions from Bond Bryan Digital.

This move is part of a longer-term goal to provide better connected and structured data to customers, with a consistent digital language as the industry moves towards a golden thread of information. It also means greater joined up thinking around data and how it can be more closely tied to document delivery. Under the Createmaster brand the two businesses can provide a more holistic approach to the specification, production and management of building information, ultimately strengthening the information delivery model. 

Commenting on the name change, Gustave Geisendorf, CEO at BuildData Group, says, “With both brands being credible market leaders, bringing Bond Bryan Digital into the Createmaster fold makes sense at a time when building information management is in the spotlight. New and updated standards and regulations, such as The Building Safety Act, put an emphasis on digitised building information, which is not only accessible, but accurate, discoverable and understandable. Therefore, having connected data is critical. 

“Not only can we enhance the work we do for our customers but also respond to the changing regulatory landscape and built environment requirements faster. By creating simpler paths to navigate data and the digital ecosystem, we can develop a clear purpose-driven data approach that seamlessly integrates information and delivers more stakeholder trust. This will meet market requirements for a true golden thread of information, supporting compliance that leads to better building outcomes.” 

Bond Bryan Digital Limited will now trade as Createmaster Information Management Limited.  To find out more, please visit: www.bondbryandigital.co.uk or www.createmaster.co.uk

 

For more information, please contact:

Maria Hudson: CMO, BuildData Group

maria.hudson@builddata.se

About BuildData

BuildData Group AB is a SaaS provider within construction and property technology and is listed on Nasdaq First North Growth Market. Redeye AB is the Company’s acting Certified Adviser (Tel. +46 8 121 576 90, certifiedadviser@redeye.se www.redeye.se).

The Independent Bid Committee of BuildData Group AB obtains a fairness opinion

On 24 July 2023, Goldcup 33244 AB (the “Offeror”) announced a public offer of SEK 3.53 in cash per share to the shareholders of BuildData Group AB (“BuildData”) (the “Offer”). The Independent Bid Committee has obtained a fairness opinion regarding the Offer. According to the fairness opinion, which is subject to the assumptions and considerations set out therein, the Offer does reflect a fair valuation of the Company.

 Background

Information regarding the Offer is available in the Offeror’s press release issued 24 July 2023, see https://news.cision.com/goldcup-33244-ab. An offer document is expected to be published by the Offeror on or around 23 August 2023. See also https://goldcup33244.se. The acceptance period for the Offer is expected to end on or around 21 September 2023.

Board members Stefan Charette, Gareth Burton, Erik Gabrielson, Mikael Näsström and Per Åkerman have a conflict of interest pursuant to Section II.18 of the takeover rules for certain trading platforms issued by the Swedish corporate governance board (the “Takeover Rules“) and have not participated and will not participate in the handling of or decisions regarding the Offer.

The independent bid committee of BuildData consists of Melanie Dawson, member of the board of directors of BuildData (the “Independent Bid Committee”). The Independent Bid Committee has engaged Eversheds Sutherland as legal advisor in connection with the Offer.

The Independent Bid Committee is not composed of a sufficient number of directors to constitute a quorum of the board of directors. Therefore, the Board will not issue a statement regarding the Offer pursuant to Section II.19 of the Takeover Rules.

Fairness opinion

The Independent Bid Committee has appointed Pareto Securities AB to issue an independent fairness opinion in accordance with the Takeover Rules. The fairness opinion is attached to this press release and is subject to the assumptions and considerations set out therein. According to the fairness opinion, Pareto Securities AB is of the opinion that the Offer does reflect the current underlying value in the BuildData and, therefore, a fair valuation of the Company. Pareto Securities AB will receive a fee for the assignment regarding the fairness opinion. The fee is independent of the conclusion of the Opinion and no part of the fee is contingent upon or related to the size of the consideration in the Offer, the acceptance level of the Offer or whether the Offer is completed or not.

 

BuildData Group AB

The Independent Bid Committee

For further information, please contact:

Melanie Dawson, the Independent Bid Committee of BuildData

By e-mail: info@builddata.se

About BuildData

BuildData Group AB is a SaaS provider within construction and property technology and is listed on Nasdaq First North Growth Market. Redeye AB is the Company’s acting Certified Adviser (Tel. +46 8 121 576 90, certifiedadviser@redeye.se www.redeye.se).

Comment from the Independent Bid Committee of BuildData Group AB regarding the public offer from Goldcup 33244 AB

2023-07-24, 19:30

On 24 July 2023, Goldcup 33244 AB (the “Offeror”) announced a public offer of SEK 3.53 in cash per share to the shareholders of BuildData Group AB (“BuildData”) (the “Offer”).

Further information regarding the Offer is available in the Offeror’s press release issued today, 24 July 2023, see https://news.cision.com/goldcup-33244-ab. An offer document is expected to be published by the Offeror on or around 23 August 2023. See also https://goldcup33244.se. The acceptance period for the Offer is expected to end on or around 21 September 2023.

The Offeror is a newly founded company, with company registration number 559437-7706, and registered office in Stockholm. The Offeror is currently wholly-owned by Striddan Limited, a company wholly-owned by Gustave Geisendorf, CEO of BuildData, and will, at completion of the Offer, become co-owned by the members of a bid consortium.

The bid consortium consists of Striddan Limited and the co-bidders Athanase Industrial Partners Fund II, Athanase Industrial Partners II KB, Hållbar AB, Brian Dodsworth, Gareth Burton, Per Åkerman, Marcus Schiller, Stephen Tarpey, Erik Gabrielson, Stefan Lanefelt, Tom Boland, Mike White, Mikael Näsström and James Cannon (the “Bid Consortium“). The Bid Consortium has entered into an agreement to jointly carry out the Offer through the Offeror.

Board members Stefan Charette, Gareth Burton, Erik Gabrielson, Mikael Näsström and Per Åkerman have a conflict of interest pursuant to Rule II.18 of the Takeover Rules and have not participated and will not participate in the handling of or decisions regarding the Offer.

The independent bid committee of BuildData consists of Melanie Dawson, member of the board of directors of BuildData (the “Independent Bid Committee”). The Independent Bid Committee has engaged Eversheds Sutherland as legal advisor in connection with the Offer and will obtain a fairness opinion from an independent expert. The Independent Bid Committee will publish the fairness opinion at the latest two weeks prior to the end of the acceptance period.

BuildData Group AB

The Independent Bid Committee

For further information, please contact:

Melanie Dawson, the Independent Bid Committee of BuildData

By e-mail: melanie.dawson@origin7.co.uk

 About BuildData

BuildData Group AB is a SaaS provider within construction and property technology and is listed on Nasdaq First North Growth Market. Redeye AB is the Company’s acting Certified Adviser (Tel. +46 8 121 576 90, certifiedadviser@redeye.se www.redeye.se).

BuildData no longer proceeding with acquisition of Edocuments

Stockholm, 16 June 2023 – BuildData Group AB (“BuildData”) today announced that its proposed acquisition of Edocuments Limited (“Edocuments”) will not be proceeding. On 18 October 2022, BuildData announced it had signed a Letter of Intent to acquire Edocuments. The parties have been unable to agree on the terms of the transaction and the acquisition will therefore not be proceeding.

For further information, please contact: Gustave Geisendorf, CEO, Tel: +44 7760 760 777, Email: gustave.geisendorf@builddata.se.

This is information that BuildData Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 15 June 2023 at 21.35 CET.

About BuildData

BuildData Group AB is a SaaS provider within construction and property technology and is listed on Nasdaq First North Growth Market. Redeye AB is the Company’s acting Certified Adviser (Tel. +46 8 121 576 90, certifiedadviser@redeye.se www.redeye.se).

Bulletin from the extraordinary general meeting in BuildData Group AB

The extraordinary general meeting in BuildData Group AB, 559136-0317 (the ”Company”) was held today, 24 Mars 2023 at 10:00 am, at the offices of Hannes Snellman Attorneys, Hamngatan 15, SE-111 47 Stockholm. The resolution of the extraordinary general meeting is presented below. The resolution was adopted unanimously.

The meeting resolved, in accordance with the board of director’s proposal, to authorize the board of directors to, on one or more occasions, until the next annual general meeting, prepare and implement a program for synthetic repurchases of own shares to a number corresponding to a maximum of 9.9 percent of all shares in the Company. Redemption of shares covered by the program shall finally be resolved by the general meeting. For this purpose, the Company shall enter into a so-called swap agreement on customary terms or another arrangement which is part of redemption on fair terms for other shareholders regarding the exchange of the return on interest-bearing funds for the return on the Company’s share. The counterparty in a swap agreement (or other arrangement that forms part of a redemption on fair terms for other shareholders) shall be able to be offered the opportunity to redeem for the corresponding shares that form the basis of the swap agreement / corresponding arrangement.

For more information, please contact:

Gustave Geisendorf, CEO, gustave.geisendorf@builddata.se, +44 7760760777.

About BuildData

BuildData Group AB is a SaaS provider within construction and property technology and is listed on Nasdaq First North Growth Market. Redeye AB is the Company’s acting Certified Adviser (Tel. +46 8 121 576 90, certifiedadviser@redeye.se www.redeye.se).

NOTICE TO ATTEND EXTRAORDINARY GENERAL MEETING IN BUILDDATA GROUP AB

The shareholders of BuildData Group AB, reg.no 559136–0317 (”BuildData” or the ”Company”) are hereby summoned to the extraordinary general meeting on 24 March 2023 at 10.00 am, at the offices of Hannes Snellman Attorneys, Hamngatan 15, SE-111 47 Stockholm. The registration opens at 09.30 am.

Notice of attendance etc.

Shareholders who wish to participate in the extraordinary general meeting must be recorded in the share register held by Euroclear Sweden AB on 16 March 2023 and give notice of their participation by way of mail to the Company no later than on 21 March 2023 to BuildData Group AB, c/o Hannes Snellman Advokatbyrå, Box 7801, SE-103 96 Stockholm, or by way of e-mail: info@builddata.se, stating “Extraordinary general meeting”. Upon notice of attendance, the shareholder’s name, social security number or corporate registration number, address, telephone number, shareholding as well as information on advisors, if any (no more than two), shall be stated.

If participating by proxy, we are thankful if such proxy form is submitted already in connection with the notice of attendance. The proxy form may be no older than one year, however the proxy form may be older than one year if it is stated that it is valid for a longer period, however no more than five years. Proxy forms are provided shareholders upon request and are available at the Company and on the Company’s website, www.builddata.se. A person representing a legal entity is requested to present a copy of a certificate of registration or equivalent documentation of authority evidencing authorised signatory.

A person having had their shares nominee registered must, in order to have the right to participate in the extraordinary general meeting, have the nominee register the shares in own name, so that the relevant shareholder is registered in the share register held by Euroclear Sweden AB on 16 March 2023. Such registration may be temporary. The shareholder must therefore contact its nominee well before this date in accordance with the nominee’s routines and request voting rights registration. Voting rights registrations that have been made by the nominee no later than on 20 March 2023 will be taken into account in the presentation of the share register.

Postal voting

The board of directors has resolved that the shareholders may exercise their voting rights by post ahead of the general meeting.

Postal voting forms will be held available on the Company’s website, www.builddata.se. The completed and signed form should be sent in original to the above address or e-mail address. The completed form must be received by the Company no later than 23 March 2023. Further instructions can be found in the form. Please note that registration of shares in your own name (if the shares are nominee-registered) and notification to the general meeting must have taken place as described above even if the shareholder chooses to vote by post before the general meeting. Shareholders may not attach special instructions or conditions to the postal voting form. If this is done, the postal voting form is invalid in its entirety. Further instructions and conditions are set out in the postal voting form.

If shareholders vote by proxy, a written and dated proxy signed by the shareholder must be attached to the postal voting form. The proxy form will be available on the Company’s website, www.builddata.se. If the shareholder is legal entity, a certificate of registration or other document of authority must be attached to the postal voting form.

Proposed agenda

  1. Election of chairman of the meeting.
  2. Preparation and approval of the voting list.
  3. Approval of the agenda.
  4. Election of one or two persons to verify the minutes.
  5. Determination as to whether the extraordinary general meeting has been duly convened.
  6. Resolution on authorization for the board of directors to resolve upon synthetic repurchases of Company shares.
  7. Closing of the meeting.

Proposal for decision

Item 6: Resolution on authorization for the board of directors to resolve upon synthetic repurchases of Company shares

The board of directors propose that the general meeting authorizes the board of directors to, on one or more occasions, until the next annual general meeting, prepare and implement a program for synthetic repurchases of own shares to a number corresponding to a maximum of 9.9 percent of all shares in the Company. Redemption of shares covered by the program shall finally be resolved by the general meeting. For this purpose, the Company shall enter into a so-called swap agreement on customary terms or another arrangement which is part of redemption on fair terms for other shareholders regarding the exchange of the return on interest-bearing funds for the return on the Company’s share. The counterparty in a swap agreement (or other arrangement that forms part of a redemption on fair terms for other shareholders) shall be able to be offered the opportunity to redeem for the corresponding shares that form the basis of the swap agreement / corresponding arrangement.

Right to information

The board of directors and the CEO shall, if any shareholder requests it and the board of directors believes that it may take place without significant harm to the Company, provide information at the extraordinary general meeting regarding any circumstances which may affect the assessment of a matter on the agenda, and any circumstances which may affect the assessment of the Company’s or a subsidiary’s financial position as well as the Company’s relationship to another group company.

Documents

Complete resolution proposals pursuant to the above, will be presented on the Company’s website, www.builddata.se, and be kept available at the above mentioned address, at least two weeks before the extraordinary general meeting and be sent to shareholders who so wishes and state their postal address.

Shares and votes

The Company may issue shares of one class. In total, there are 68,171,694 shares and votes in the Company. Each share in the Company carries one vote at the extraordinary general meeting. The Company does not hold any own shares.

Processing of personal data

Personal data obtained through notification, proxy or through the share register kept by Euroclear will only be used for the necessary registration and the preparation of the voting list for the general meeting. For information on how your personal data is processed in connection with the general meeting, see the privacy policy on Euroclear AB’s, https://www.euroclear.com/dam/ESw/Legal/Privacy-notice-bolagsstammor-engelska.pdf.

_____________________

Stockholm in March 2023
BuildData Group AB
The board of directors

 

For more information, please contact:
Gustave Geisendorf, CEO, gustave.geisendorf@builddata.se, +44 7760760777.

 

About BuildData

BuildData. Group AB is a SaaS provider within construction and property technology and is listed on Nasdaq First North Growth Market. Redeye AB is the Company’s acting Certified Adviser (Tel. +46 8 121 576 90, certifiedadviser@redeye.se www.redeye.se).