Hexagon unveils new software-as-a-service spin-off business

Mattias Stenberg, the planned CEO of proposed Hexagon spin-off company Octave, speaks at Hexagon Live Global in Las Vegas on 17 June. (Image: Mitchell Keller)

The planned new business would combine Hexagon’s Asset Lifecycle Intelligence and Safety, Infrastructure & Geospatial (SIG) divisions with its ETQ and Bricsys brands.

If approved by stakeholders, the spin-off is expected to go live in the first half of 2026.

Octave will provide cloud-based software that helps industries like construction and infrastructure design, monitor, manage, and maintain physical assets through tools for modelling (such as BIM and digital twins), geospatial analysis, compliance, and lifecycle management.

Mattias Stenberg, current president of the affected divisions and incoming Octave CEO, said, “As a separate, stand-alone company, Octave will have the depth, scale and expertise necessary to capitalise on software and services opportunities across the industrial and public sector spaces and deliver intelligence at scale.”

Hexagon said the spin-off would launch with around 7,200 employees and generate pro forma revenue of about US$1.7 billion from 2024, with an adjusted operating margin of 31%.

For the construction industry, the biggest impact could be on the movement of brand Bricsys – developer of CAD and BIM tools – and to infrastructure lifecycle and geospatial technologies already embedded in civil and industrial project workflows.

The spin-off remains subject to board, shareholder and regulatory approval. Hexagon said additional information on structure and transition costs would be shared in the future.

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