160-year-old Shaw Group in Eastern Canada Prepares for the Future with Procore

Rhea-AI Summary

Procore Technologies, Inc. (NYSE: PCOR) has announced that The Shaw Group Ltd. is adopting its construction management platform to enhance communication and real-time safety monitoring on projects. The Shaw Group aims to digitize its operations, facilitating operational efficiency and improved employee safety. The integration will enable real-time reporting of safety issues and provide a unified information source, improving access for all stakeholders. Procore's Analytics will later assist in monitoring project financial health, ensuring schedules and costs remain aligned.

Positive

• The Shaw Group will use Procore's platform for improved communication and safety monitoring.
• Digitizing operations is expected to enhance operational efficiency and employee safety.
• Real-time reporting of safety issues enhances workplace safety.
• Procore Analytics will enable monitoring of project financial health.

Negative

• None.

Procore Technologies, Inc. (NYSE: PCOR), a leading provider of construction management software, today announced that The Shaw Group Ltd. is using the Procore platform to improve communication on its construction projects and implement real-time monitoring of safety on jobsites.

The Shaw Group is one of Atlantic Canada’s leading manufacturers and community developers. Founded as a brickmaker in 1861 in Nova Scotia, its rare longevity has seen it adapt, enter new industries, and build a business for the long term.

Its residential construction-focused divisions -- Clayton Developments, Prestige Homes, and Shaw Living -- will collaborate on the Procore platform, ensuring internal and external stakeholders have up-to-date, accurate information. The team will use the Project Management, Quality & Safety, Project Financials, and Invoice Management products on Procore’s single platform.

“We have some of the most talented people in the industry, and when we were looking for a digital solution to help us deliver our best work, we knew we needed something that could encompass everything we do,” said Don Gordon, P.Eng., Vice President, Construction - Real Estate at The Shaw Group. “Procore checked off everything we needed and will need as we take The Shaw Group into the future. We’re excited to take this step and look forward to delivering more value to our projects and clients.”

The company believes digitizing its operations will increase operational efficiency and improve the lives of its employees.

Gordon added, “The new process will create reliable historical project data that will inform our future business decisions. For example, the reporting of safety issues will be radically transformed. ‘Near misses’ will be reported in real-time in the field from any connected device. This will not only enable us to implement preventative measures based on rich historical data, but also help ensure our employees go home to their families at the end of the day rather than filling out safety paperwork.”

Additionally, Procore will provide a single source of truth for projects. Previously, information was stored in employee inboxes and laptops, network drives, and cloud storage solutions. Finding critical information and sharing it with the right people could be challenging. Now, everything will be stored in one place on Procore, with access for all stakeholders whether they’re in an office or the field.

Later in its implementation of Procore, the team will use Procore Analytics to surface insights into a project’s financial health. The tool will allow The Shaw Group to monitor a project’s percentage of completion by cost and by schedule, ensuring both are aligned and the project is on track.

“The Shaw Group sees that managing its projects on a single platform can create meaningful quality of life improvements for its team,” said Jas Saraw, Vice President, Canada at Procore. “We share a vision for moving the industry forward by enabling skilled workers to do great work without the burdens of outdated manual processes.”

About The Shaw Group Ltd

The Shaw Group is a proud Atlantic manufacturer and real estate developer with 160 years of roots within local communities. The Shaw Group provides a wide range of products, including brick and various cladding, landscape stone, sand and aggregates, wood pellets, pipe and bridge spans, along with school and library furniture. The manufacturing divisions of The Shaw Group serve many customers throughout Canada, the US, Caribbean and other countries overseas. The real estate operations of The Shaw Group serve as both the largest land developer and largest home builder within the region; all of which come together to help build communities residents can be proud to live in for generations.

About Procore

Procore is a leading provider of construction management software. Over 1 million projects and more than $1 trillion USD in construction volume have run on Procore's platform. Procore’s platform connects key project stakeholders to solutions Procore has built specifically for the construction industry—for the owner, the general contractor, and the specialty contractor. Procore's Marketplace has a multitude of partner solutions that integrate seamlessly with Procore’s platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices in the United States, Canada around the globe. Learn more at Procore.com.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210817005097/en/

FAQ

What is the significance of Procore's partnership with The Shaw Group Ltd. on PCOR's stock?

The partnership signifies Procore's expansion into Atlantic Canada, potentially boosting its market position and stock performance.

How will Procore's platform impact The Shaw Group's operations?

Procore's platform will streamline communication and safety monitoring, enhancing operational efficiency for The Shaw Group.

What features of Procore's platform will The Shaw Group utilize?

The Shaw Group will use Project Management, Quality & Safety, Project Financials, and Invoice Management tools from Procore.

When will The Shaw Group start using Procore Analytics?

The Shaw Group plans to implement Procore Analytics later in its rollout to monitor project financial health.

What are the benefits of using Procore's construction management software?

Procore's software offers improved communication, real-time safety monitoring, and a single source of truth for project information.