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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, Inc. (NYSE:PCOR) has partnered with Kier Group Plc to implement its construction management software, aiming to enhance operational efficiency across Kier's projects in the UK. This collaboration supports Kier's goal to become a digital-first organization, streamlining processes and improving stakeholder collaboration. Procore's platform, already utilized in over 1 million projects, promises greater project visibility and improved data insights for Kier, assisting in delivering high-quality infrastructure projects.
Procore Technologies (NYSE: PCOR) has officially launched its construction management software platform in France, marking a significant step in its EMEA expansion strategy. This launch aims to enhance collaboration and visibility for construction professionals in the region, aligning with the growing digital transformation in the sector. Laurence Caron has been appointed as Senior Director for France and Southern Europe to oversee regional operations. Procore’s platform boasts over 12,000 customers and 1 million projects globally, emphasizing its commitment to optimizing construction processes.
Procore Technologies Inc. (NYSE: PCOR) has been selected by Dexel, a design-build multi-family residential developer in Halifax, to serve as its construction management platform. Dexel aims to enhance project management and safety while streamlining operations. Struggling with outdated systems, Dexel chose Procore for its integrated platform that meets their project needs. Procore's tools will support faster information sharing with contractors and facilitate team growth.
Procore Technologies, Inc. (NYSE: PCOR) reported strong financial results for Q4 and FY 2021, with Q4 revenue of $146 million, a 33% increase year-over-year. For the full year, revenue reached $515 million, up 29%. Gross margins stood at 80% (GAAP) and 83% (non-GAAP). The company added 588 organic customers in Q4, totaling 12,193, while achieving a gross revenue retention rate exceeding 95%. Looking ahead, 2022 revenue is projected between $661 million to $666 million. Despite operating losses, Procore remains positioned for growth with significant investments and customer demand.
Procore Technologies, Inc. (NYSE: PCOR) will announce its fourth quarter fiscal year 2021 financial results on February 22, 2022, after the U.S. markets close. A conference call will follow at 2:00 p.m. Pacific Time to discuss the results and financial guidance, accessible via phone or on Procore's Investor Relations website. Procore, a leader in construction management software, has facilitated over 1 million projects and managed more than $1 trillion in construction volume.
Procore Technologies (NYSE: PCOR) has been named the number one construction project management software by the 2021 JBKnowledge Construction Technology Report for the fifth consecutive year. The report highlights Procore's solutions' positive impact on the construction industry, affirming its leadership in mobile solutions for daily reporting and safety management. Procore's cloud-based platform integrates over 300 applications, enhancing productivity and financial transparency across projects. With over 1 million projects and more than $1 trillion in construction volume managed, Procore continues to shape the industry's technological landscape.
Procore Technologies has appointed Erin Chapple, a Microsoft Executive, to its Board of Directors. Chapple, currently the Corporate Vice President of Azure Core at Microsoft, brings over two decades of experience in technology. She aims to enhance Procore's platform, facilitating better collaboration in the construction industry. Procore manages over 1 million projects with a construction volume exceeding $1 trillion. The addition of Chapple is expected to strengthen Procore's strategic roadmap and innovation in construction management.
Procore Technologies (NYSE: PCOR) announces Project Engage: 2022 Leadership Development Program in collaboration with the Associated General Contractors of California. This year-long initiative aims to enhance leadership skills, team engagement, and business success through interactive cohorts, 1:1 coaching, and immersive experiences. The program will be available to AGC members both in-person at Procore's Santa Barbara HQ and virtually. Project Engage builds on Procore's Culture Academy, initiated in 2019, focusing on cultivating healthy workplace cultures in the construction industry.
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