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Procore Technologies, Inc. (PCOR) is a leader in cloud-based construction management solutions. The company offers an award-winning suite of project management tools designed to streamline and mobilize project communications and documentation. With its platform, Procore aims to enhance project efficiency and accountability, thereby minimizing delays and reducing risks. This ultimately boosts profits for construction firms.
Procore's software is used globally by hundreds of thousands of registered users who manage a wide range of construction projects, from industrial plants and office buildings to university facilities and retail centers. The platform helps these firms transition from traditional paper-based documentation and email chains to a more efficient, integrated digital system.
The company's product line includes several specialized tools such as Design Coordination, Building Information Modeling (BIM), Field Productivity, Project Financials, Invoice Management, Portfolio Financials, Capital Planning, Accounting Integrations, and Analytics. These products are hosted on Procore's cloud-based SaaS platform, which is accessible via subscription. Revenue is generated through these subscriptions, which are sold for a fixed fee and recognized over the subscription term.
Recent Achievements and Projects:
- Procore has significantly expanded its market presence, partnering with major construction firms globally.
- The company has continuously updated its software suite to include advanced features, reflecting the latest technological advancements in the construction industry.
- Procore has received numerous accolades for its innovative solutions and exceptional customer support.
Procore Technologies is committed to helping construction professionals achieve greater project success through better collaboration and real-time data accessibility. The company's platform is designed to support the entire construction lifecycle, from pre-construction planning to project closeout, ensuring that all stakeholders are on the same page and can make informed decisions quickly.
Procore Technologies (NYSE: PCOR) has established a partnership with the National Association of Minority Contractors (NAMC) to enhance construction management capabilities for minority contractors. Through its social impact initiative, Procore.org, the company will provide free product training to NAMC members and historically Black colleges and universities. This initiative aims to improve contractor readiness in a labor-challenged industry and ensure minority contractors gain essential technology training to boost competitiveness. The collaboration seeks to foster access, advocacy, and contractor development.
Procore Technologies, Inc. (NYSE: PCOR) has announced significant platform enhancements aimed at improving flexibility and insights for project teams. Key updates include a new report builder, global workflow engine, and integrations for enhanced estimating and bidding processes. The report builder will offer cross-platform insights, while the workflow engine allows custom approval workflows. Notably, the integration of Esticom’s capabilities enhances project cost estimating. These improvements are set to increase efficiency and are expected to benefit over 1 million projects managed on Procore's platform, which has seen over $1 trillion in construction volume.
Procore Technologies (NYSE: PCOR) announced enhancements to its construction management software aimed at meeting global customer needs. Key updates focus on document control, data security, and collaborative management features. The platform supports over 1 million projects globally, including 90 million documents uploaded in 2020 alone. With the addition of 11 new cloud data centers, Procore enhances speed and compliance with data privacy regulations such as GDPR and the CCPA. This positions Procore as a leader in providing customizable solutions to the construction industry.
Procore Technologies (NYSE: PCOR) announces enhancements to its construction management platform, emphasizing AI-driven tools for improved productivity and connectivity.
The new features include Procore Quick Capture, which automates data entry using voice commands, and Procore Conversations, a streamlined messaging tool for project collaboration. Additionally, a personalized mobile experience is set to launch in Q4 2021, enhancing user engagement. Procore’s mission continues to focus on connecting the construction process globally, with an anticipated expansion of its network by launching the Procore Construction Network.
D.A. Davidson & Co. announced it has advised Levelset on its acquisition by Procore Technologies (NYSE: PCOR) for approximately $500 million. Levelset specializes in construction software, aiding contractors with compliance, payments, and financial risks. Its services have been deployed across 6.5 million projects by over 250,000 users. The acquisition will enhance Procore's offerings with lien rights management, providing growth opportunities and valuable data insights. The deal is subject to customary conditions and is expected to finalize in Q4.
Procore Technologies, Inc. (NYSE: PCOR) has announced a definitive agreement to acquire Levelset for approximately $500 million, which includes $425 million in cash and $75 million in common stock. This acquisition aims to enhance Procore's platform by integrating lien rights management, improving compliance workflows, and expediting payment processes in the construction industry. Procore anticipates closing the transaction in Q4 2021, pending customary conditions. The deal positions Procore for future growth opportunities by leveraging complementary data assets from both companies.
Procore Technologies, Inc. (NYSE: PCOR) has appointed Sandra Benson as the new Head of Industry Transformation. With over 25 years in construction technology, Benson will enhance customer and partner advocacy. Her experience includes senior roles at Amazon Web Services and participation in the National Institute of Building Sciences. Procore aims to utilize her expertise to improve their construction management software and align more closely with industry needs. The appointment reflects the company's commitment to innovation and strong partnerships in the construction sector.
Procore Technologies (NYSE: PCOR) announces a partnership with Associated Builders and Contractors (ABC) to provide ABC chapters and members exclusive discounts on Procore products. This collaboration aims to enhance technology adoption among ABC's 21,000 member companies, improving profitability, safety, and efficiency. Procore has been engaged with ABC since 2016, emphasizing its commitment to advancing the construction industry through technology. The partnership underscores Procore's vision to build smarter and more efficient project management solutions.
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