TWC to invest in AIA’s Contract Documents program

True Wind Capital will invest in The American Institute of Architects' Contract Documents program.

True Wind Capital will invest in The American Institute of Architects’ Contract Documents program. No financial terms were disclosed. ACD is a provider of customizable legal contracts for the architecture, engineering, and construction industry.


WASHINGTON – Oct. 30, 2020 – The American Institute of Architects (AIA) and its Contract Documents program announced a strategic partnership with True Wind Capital (TWC), a leading private equity firm focused on investments in targeted segments of technology.

True Wind Capital will invest in AIA Contract Documents (ACD), the leading provider of customizable legal contracts for the Architecture, Engineering, and Construction (AEC) industry. AIA’s Contract Documents have been the gold-standard of legal documents and a thought leader within the industry since 1888.

“This is a great opportunity for the profession,” said EVP/Chief Executive Officer Robert Ivy, FAIA. “The construction technology industry is rapidly evolving. Alongside True Wind, AIA is eager to continue to invest in ACD to drive long-term value to constituents across the industry. The AIA looks forward to this long-term relationship and what the next 132 years will bring to ACD.”

This partnership will allow AIA to focus on its mission-based priorities where it can have the greatest impact.

“AIA’s Contract Documents has had a storied legacy in the market for the last 132 years,” said AIA 2020 President Jane Frederick, FAIA. “It has been a tried and true product that has defined the terms and relationships involved in design and construction projects. But like so much in our industry, it has advanced far beyond being a collection of 200 contracts and forms. We need to think of this as a digital service that requires sophisticated user-friendly technology. In True Wind Capital, AIA has found a partner with the full expertise and resources to invest in ACD’s long-term success.”

As part of the new strategic partnership, Chris Anderson has been appointed Chief Executive Officer of ACD. Anderson was the former CEO of Building Systems Design (BSD), a provider of specification software and content. “I am honored to work alongside AIA to take ACD to the next level,” said Chris Anderson. “AIA has a remarkable brand and reputation within the industry, and I look forward to building upon the successful legacy of the program and delivering further value to our ACD customers.”

Aaron Matto, Partner at True Wind Capital, added, “We are thrilled to support AIA and Chris in this next phase of ACD’s growth and development. Our deep expertise in enterprise software and construction technology will help drive continued investment and innovation into the product.”

Pagemill Partners, the technology M&A division of Duff & Phelps, served as the exclusive financial advisor to the AIA. Blank Rome, LLP, served as legal advisor to AIA.

For more information, visit

About True Wind Capital
True Wind Capital is a San Francisco-based private equity firm focused on investing in leading technology companies. True Wind Capital is a value-added partner, providing support and expertise rooted in its team’s 85+ years of collective investing experience. True Wind Capital investments include ARI Network Services, The Switch, Transflo, Sysnet, Zix, Open Lending, and AIA Contract Documents.

About Pagemill Partners, a Division of Duff & Phelps
Duff & Phelps is the world’s premier provider of governance, risk and transparency solutions, working with clients across diverse sectors in the areas of valuation, corporate finance, disputes and investigations, cyber security, claims administration and regulatory compliance. Pagemill Partners is the technology sector-focused corporate finance division of Duff & Phelps. The Pagemill Partners team is focused on working with middle-market technology clients on capital raises and M&A. Our strength stems from our deep domain expertise across key sub-sectors of technology, our extensive transaction experience closing more than 300 transactions, our tenured relationships with strategic buyers and private equity firms, and our global reach.

About Blank Rome, LLP
Blank Rome is an Am Law 100 firm with 14 offices and more than 600 attorneys and principals who provide comprehensive legal and advocacy services to clients operating in the United States and around the world. Our professionals have built a reputation for their leading knowledge and experience across a spectrum of industries and are recognized for their commitment to pro bono work in their communities. Since our inception in 1946, Blank Rome’s culture has been dedicated to providing top-level service to all of our clients and has been rooted in the strength of our diversity and inclusion initiatives. For more information, please visit