Procore Launches FedRAMP Authorization Process to Provide Federal Customers with Enhanced Cloud Security

Rhea-AI Summary

Procore Technologies, Inc. (NYSE: PCOR), a leading construction management software provider, has initiated the Federal Risk and Authorization Management Program (FedRAMP) authorization process for its platform and solutions. This move demonstrates Procore's commitment to delivering high-level security and data compliance for federal customers and contractors.

Procore has made strategic investments and built a security practice to prepare for FedRAMP compliance, which will benefit customers across its product suite. The company has partnered with Coalfire, a global cybersecurity and compliance services firm, to support the authorization process. Coalfire has a strong track record in FedRAMP compliance, with all its submitted builds passing the Third Party Assessment Organization (3PAO) audit.

Positive

• Initiation of FedRAMP authorization process enhances credibility for federal customers
• Strategic investments in security practices to prepare for FedRAMP compliance
• Partnership with Coalfire, a reputable cybersecurity firm, for compliance assessment

Negative

• None.

CARPINTERIA, Calif.--(BUSINESS WIRE)-- Procore Technologies, Inc. (NYSE: PCOR), the leading global provider of construction management software, today announced the launch of the process to authorize its platform and solutions with the Federal Risk and Authorization Management Program (FedRAMP®). Procore's launch of the FedRAMP authorization process highlights a dedication to delivering the highest standards of security and data compliance for federal customers and contractors.

Procore has been preparing for the FedRAMP authorization process through strategic investments and building a security practice that has prepared essential tools, processes, and methodologies that assist in FedRAMP compliance. Procore's strategic investment in FedRAMP compliance, applied widely across its product suite, enables customers to benefit from standardized security and continuous monitoring regardless of what tool in the platform they are using.

Procore has selected Coalfire, a services company specializing in global cybersecurity and compliance, to support the activities required to complete this process. More than 70% of FedRAMP-authorized providers choose Coalfire for their compliance assessment and advisory needs. Coalfire brings cloud service providers to audit-ready status in record time with 100% of its submitted builds passing FedRAMP 3PAO (Third Party Assessment Organization) audit to date.

“Today Procore's solutions serve a broad spectrum of Public Sector customers. Achieving FedRAMP authorization highlights our dedication to enabling customers to maximize their Procore investments,” said Chief Product Officer at Procore, Wyatt Jenkins. “The FedRAMP program establishes the gold standard for security, and with Coalfire's partnership, we are well-positioned to offer our customers solutions that guarantee robustness, resilience, and regulatory compliance.”

Procore is revolutionizing the construction software landscape by providing an all-in-one, cloud-based software-as-a-service (SaaS) platform that streamlines project management, improves collaboration, and increases efficiency across the construction lifecycle. Procore’s step towards the FedRAMP authorization process will provide increased assurance and trust for government agencies and other federal customers that require high levels of data protection and regulatory compliance.

To learn more about how Procore is improving the lives of everyone in construction while ensuring customer data is secure and compliant, see here: https://www.procore.com/trust-and-security/fedramp.

About Procore

Procore Technologies, Inc. (NYSE: PCOR) creates software for people who build the world. With a focus on providing timely and accurate data for all, Procore transforms the construction industry one project at a time - from hospitals and skyscrapers to airports and stadiums. Beyond its connected, innovative technology, Procore empowers the industry and its communities through Procore.org. For more information, visit www.procore.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240716188767/en/

Media Contact

Raelle Alfaro

press@procore.com

Investor Contact

Matthew Puljiz

IR@procore.com

Source: Procore Technologies Inc.

FAQ

What is the significance of Procore (PCOR) launching the FedRAMP authorization process?

Procore's launch of the FedRAMP authorization process demonstrates its commitment to providing enhanced cloud security and data compliance for federal customers and contractors. This move will increase trust and assurance for government agencies and other federal customers requiring high levels of data protection and regulatory compliance.

How has Procore (PCOR) prepared for the FedRAMP authorization process?

Procore has made strategic investments and built a security practice with essential tools, processes, and methodologies to assist in FedRAMP compliance. The company has applied these standards across its product suite, enabling customers to benefit from standardized security and continuous monitoring regardless of which tool they use in the platform.

Who is Procore (PCOR) partnering with for the FedRAMP authorization process?

Procore has selected Coalfire, a global cybersecurity and compliance services company, to support the activities required to complete the FedRAMP authorization process. Coalfire has a strong track record, with 100% of its submitted builds passing FedRAMP Third Party Assessment Organization (3PAO) audits to date.