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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 announced an expansion of its partnership with family-run developer Cape Group. The company will now implement Procore's Action Plans to standardize processes and enhance quality assurance across its projects in Canada. Cape Group reports that using Procore has accelerated project delivery by approximately 10%, resulting in significantly increased revenue. The collaboration aims to streamline operations, ensuring compliance with quality standards.
Procore Technologies, Inc. (NYSE: PCOR) has been honored as the 2021 Philanthropist of the Year by the United States Minority Contractors Association (USMCA). This recognition celebrates Procore's commitment to diversity, equity, and inclusion through its partnership with USMCA, which offers minority contractors access to free training, educational resources, and discounted programs since 2020. The award was presented during USMCA’s 30th Annual Millennium Awards Celebration, highlighting Procore's efforts to support minority entrepreneurs in the construction industry.
Procore Technologies (NYSE: PCOR) has been selected by LandSouth Construction to replace multiple software packages with its construction management platform. This strategic move aims to enhance operational efficiency, improve financial performance, and reduce risks for LandSouth's multifamily and senior living projects. With Procore, LandSouth anticipates better collaboration, increased safety, and greater access to project data, which will help maintain client satisfaction and streamline processes in response to the industry's growing demands.
Procore Technologies, Inc. (NYSE: PCOR) reported a strong financial performance for Q3 2021, achieving a 30% year-over-year revenue growth with total revenue reaching $132 million. The company added 456 new customers, bringing its total to 11,605. Despite a GAAP operating margin of (38%), Procore's operating cash flow stood at $15.1 million, with free cash flow of $6.5 million. Looking ahead, Procore expects Q4 revenue between $136 million and $138 million, reflecting ongoing investments in recent acquisitions Levelset and LaborChart.
Digital transformation is a key focus for 53% of Australian property leaders, according to a new report from Procore Technologies and the Property Council of Australia. Conducted in July 2021 with 166 senior industry leaders, the survey highlights that the pandemic has not adversely affected the project pipeline. Leaders are more concerned with securing land and funding, and compliance remains critical for competitiveness. The report aims to guide technology investment and decision-making in the sector.
Procore Technologies Inc. (NYSE: PCOR) has acquired Levelset for approximately
Procore Technologies, Inc. (NYSE: PCOR) announced the acquisition of LaborChart, a workforce management software provider for specialty contractors. This acquisition aims to enhance Procore's capabilities in managing labor costs, which are critical in construction. LaborChart's solutions will integrate with Procore's existing tools, allowing for better workforce scheduling and communication. Nearly 300 contractors currently use LaborChart, which will now be fully integrated into Procore. Financial terms were not disclosed, and the acquisition is not expected to significantly impact Procore's full-year 2021 results.
Procore Technologies, Inc. (NYSE: PCOR) will release its third quarter fiscal year 2021 financial results after U.S. markets close on November 4, 2021. A conference call is scheduled for the same day at 2:00 p.m. PT to discuss the results and provide financial guidance. Interested participants can access the call by dialing (877) 284-6233 for domestic calls or (873) 415-0281 for international calls. Procore, known for its construction management software, has facilitated over $1 trillion USD in construction volume across more than 1 million projects.
Procore Technologies, Inc. (NYSE: PCOR), a leader in construction management software, unveiled the winners of its 2021 Groundbreaker Awards, honoring innovative individuals and projects in the construction sector. The awards recognized achievements across eight categories, including sustainability and safety. The virtual ceremony featured special guest Jay Leno and highlighted 24 finalists who demonstrated exceptional standards in the industry. Notable winners included Skanska USA for sustainability and ETRO Construction for innovation. Procore continues to connect over 1 million projects on its platform, totaling over $1 trillion in construction volume.
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