Autodesk is a leading CAD software provider

We consider Autodesk to be the global industry standard computer-aided design software. Millions of industry professionals rely on Autodesk software to design and model buildings, manufactured products, animated films and video games. We believe Autodesk will remain the industry standard as switching costs and network effects continue to reinforce each other and Autodesk remains at the forefront of industry trends. The company now has more than 95% of its revenues recurring, following a gradual licensing transition over the past eight years. We believe this change will allow Autodesk to generate more revenue per user as it expands its loyal and increasingly mature base.