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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.
Positive
Acquisition of LaborChart strengthens Procore's workforce management capabilities.
Integration of LaborChart's software will enhance Procore's existing tools for better workforce scheduling.
Nearly 300 specialty contractors currently utilize LaborChart, expanding Procore's user base.
Negative
Financial terms of the acquisition were not disclosed, creating uncertainty.
Integration challenges may arise, potentially disrupting operational efficiency.
The acquisition is not anticipated to materially affect Procore's 2021 financial results.
CARPINTERIA, Calif.--(BUSINESS WIRE)--
Procore Technologies, Inc., (NYSE: PCOR), a leading provider of construction management software, today announced it has acquired LaborChart, a leading provider of workforce management software for specialty contractors and self-performing general contractors. LaborChart deepens the office and field connection by empowering contractors to better schedule, manage, forecast, and communicate with their workforces, ultimately improving profit margins.
LaborChart logo
Labor is typically the highest and most variable cost for contractors, yet many still rely on spreadsheets and analog options like whiteboards to manage their workforces. LaborChart’s software provides a modern solution to these legacy processes and complements Procore’s existing solutions.
Procore’s Field Productivity product helps contractors track employee time and provides insights into team productivity. LaborChart gives contractors a real-time and forward-looking understanding of all workers, assignments and commitments, enabling them to accurately plan, schedule and forecast. Together, these integrated solutions will give contractors a holistic view of their workforce, ensuring they have the control they need to manage, schedule, and budget their labor.
“Construction is facing a global labor shortage, with contractors struggling to find skilled workers. This makes it critical to efficiently manage existing workforces,” said Tooey Courtemanche, Procore Founder and CEO. “With the addition of LaborChart, Procore will be able to provide a complete workforce management solution that helps contractors optimize their workforces, maximize productivity, and take on more projects. The days of relying on spreadsheets and whiteboards are over.”
LaborChart Founder and CEO, Ben Schultz, said, “As a fourth-generation electrical contractor, I’ve seen every type of job site imaginable. For too long, the construction industry has lacked technology to effectively manage people — its most important asset. We built LaborChart to overcome outdated workforce management processes. By joining Procore, we’ll be able to further facilitate successful projects from start to finish, deepening the connection between the office and the field.”
Today, nearly 300 specialty contractors and self-performing general contractors use LaborChart, which has been a Procore App Marketplace partner since November 2020. LaborChart’s 40+ employees have joined Procore. Over time, LaborChart will be fully integrated with Procore.
Courtemanche added, “The acquisition of LaborChart, along with our recently announced agreement to acquire Levelset, adds complementary insights to Procore’s robust construction industry dataset. By combining project data, workforce data, and risk intelligence, customers can access a more complete view of the construction process that will help them build smarter.”
Financial terms were not disclosed. The acquisition is not expected to have a material impact on Procore’s full-year 2021 financial results.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about Procore and its industry that involve substantial risks and uncertainties. These statements include, but are not limited to, statements regarding the expected benefits of the transaction, management plans relating to the transaction, and statements that address Procore’s expected future business and financial performance. All statements other than statements of historical fact contained in this press release are forward-looking statements of Procore’s future operating results and financial position, its business strategy and plans, market growth and trends, and objectives for future operations. Forward-looking statements generally relate to future events or Procore’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words or other similar terms or expressions that concern Procore’s expectations, strategy, plans or intentions. Important risks and uncertainties that could cause Procore’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) risks associated with (a) the failure to complete or receive the anticipated benefits from the transaction, including due to Procore’s inability to successfully integrate LaborChart into its business, (b) diverting management attention from ongoing business operations, (c) the commencement or outcome of any legal proceedings that may be instituted against Procore or LaborChart in connection with the proposed transaction and (d) the effects of the transaction on the combined business, including on operating costs, customer loss and business disruption; (ii) changes in laws and regulations applicable to Procore’s or LaborChart’s business model; (iii) changes in market or industry conditions and receptivity to Procore’s or LaborChart’s technology and services; (iv) results of litigation or a security incident; (v) the loss of one or more of Procore’s or LaborChart’s key customers or partners; (vi) the impact of COVID-19 on Procore’s or LaborChart’s business and results of operations; (vii) changes to Procore’s or LaborChart’s abilities to recruit and retain qualified team members; and (viii) the risks described in the other filings Procore makes with the Securities and Exchange Commission from time to time, including the risks described under the heading “Risk Factors” in Procore’s Quarterly Report on Form 10-Q, which should be read in conjunction with its financial results and forward-looking statements. Moreover, Procore operates in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for Procore to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. All forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Procore undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Procore may not actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements, and you should not place undue reliance on its forward-looking statements. Procore’s forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.
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. Our platform connects every project stakeholder to solutions we've 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 our platform, giving construction professionals the freedom to connect with what works best for them. Headquartered in Carpinteria, California, Procore has offices around the globe. Learn more at Procore.com.
About LaborChart
LaborChart is a leading provider of workforce management software for the construction industry. LaborChart helps businesses manage employee scheduling, dispatching, forecasting, and communication. Built from a unique blend of construction and software expertise, LaborChart helps contractors of all trades organize their largest and most valuable company asset–their workforce–into one secure and easy-to-manage solution. LaborChart is headquartered in Overland Park, Kansas. For more information, visit laborchart.com.
