Procore
{{Short description|Construction software company}}
{{Infobox company
| name = Procore Technologies, Inc.
| logo = ProcoreLogo.jpg
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| type = Public company
| traded_as = {{ubl|{{NYSE|PCOR}}|Russell 1000 component}}
| industry = Construction Software
| founded = {{Start date and age|2002}}
| founder = Craig "Tooey" Courtemanche
| hq_location = {{nowrap|Carpinteria, California, U.S.}}
| area_served =
| key_people = Craig "Tooey" Courtemanche (CEO)
Steve Zahm (President)
Paul Lyandres (CFO)
Pat Wadors (Chief Talent Officer)
Benjamin Singer (Chief Legal Officer)
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| revenue = {{Increase}} {{US$|1 billion|link=yes}} (2023){{Cite web | title=Loading... | url=https://cprocore.com/press/procore-announces-fourth-quarter-and-full-year-2021-financial-results | archive-url=https://web.archive.org/web/20221114161140/https://cprocore.com/press/procore-announces-fourth-quarter-and-full-year-2021-financial-results | access-date=2025-05-03 | archive-date=2022-11-14}}
| net_income = US$-96.2 million (2020)
| num_employees = 4,000+ (2024){{cite web |title=Procore |url=https://www.owler.com/company/procore |website=owler.com |access-date=July 14, 2021}}
| owner =
| website = {{URL|http://www.procore.com/}}
}}
Procore Technologies is an American construction management software as a service company founded in 2002, with headquarters in Carpinteria, California. Procore hosts a platform to connect those involved in the construction industry on a global platform.{{cite web |last1=Schupak |first1=Adam |title=Procore's CMO dishes on fast-tracking its title sponsorship deal of PGA Tour event in Napa |url=https://golfweek.usatoday.com/lists/pga-tour-napa-procores-fast-tracking-title-sponsorship/ |website=Golfweek |date=September 13, 2024}}{{cite web |last1=DeFrancesco |first1=Robert |title=Procore Navigates Through A Challenging Construction Spending Environment |url=https://www.forbes.com/sites/robertdefrancesco/2024/06/28/procore-navigates-through-a-challenging-construction-spending-environment/ |website=Forbes |language=en |date=June 28, 2024}} The software allows for the creation of simplified workflows and displays a consolidated view of construction products that includes the tracking of tasks, management of project workflows, and scheduling.
History
Founder and CEO Craig "Tooey" Courtemanche started his career as a carpenter and served as a real estate developer, before starting a tech company in Silicon Valley. When building his home in Santa Barbara, Tooey realized that he could apply his technology background in the field of construction.{{cite web |title=5 minutes with … Tooey Courtemanche at Procore |url=https://www.building.co.uk/5-minutes-with/5-minutes-with--tooey-courtemanche-at-procore/5118881.article |website=Building |language=en |date=September 30, 2022}} The app he built served to better manage the construction process.{{cite web |title=How Procore Built The Cloud's Hottest Unicorn By Bringing Software To Low-Tech Construction Sites |url=https://www.forbes.com/sites/alexkonrad/2018/09/12/how-procore-built-the-clouds-hottest-unicorn-bringing-software-to-low-tech-construction-sites/?sh=64405311575a |website=forbes.com |access-date=July 14, 2021}} Founded in 2002, the company was originally headquartered in Carpinteria, California.{{cite web |last1=Bastone |first1=Nick |title=Take a look inside the headquarters of Procore, the $3 billion tech startup in Southern California that has the Pacific Ocean right in its backyard |url=https://www.businessinsider.com/procore-office-tour-carpinteria-california-2019-6#procores-corporate-headquarters-is-located-in-carpinteria-california-a-beachside-town-just-10-miles-south-of-santa-barbara-the-southern-california-hq-houses-over-850-of-procores-more-than-1500-total-employees-1 |website=Business Insider |date=June 16, 2019}} Steve Zahm, founder of the e-learning company DigitalThink, joined Procore as president in 2004.
Procore's revenue in 2012 was $4.8 million.{{cite web|last1=Nellis|first1=Stephen|title=Procore to build out South Coast operations with $15M Bessemer raise|url=http://www.pacbiztimes.com/2014/06/20/procore-to-build-out-south-coast-operations-with-15m-bessemer-raise/|website=Pacific Coast Business Times|date=20 June 2014|accessdate=5 May 2016}} In 2020, it was $400 million. The estimated revenue for 2024 is $1 billion.{{cite web |last1=Estrada |first1=Sheryl |title=This CFO plans to surpass $1 billion in full-year revenue by digitizing the construction industry |url=https://fortune.com/2024/08/07/cfo-1-billion-revenue-digitizing-construction-industry-procore/ |website=Fortune |language=en |date=August 7, 2024}}
The company initially filed to go public in 2019, with plans to launch the IPO in 2020, but delayed the offering due to the coronavirus pandemic.{{cite news |title=Procore Raises $634.5 Million in IPO Priced Above Range |url=https://www.bloomberg.com/news/articles/2021-05-20/construction-software-firm-procore-raises-634-5-million-in-ipo |newspaper=Bloomberg |date=20 May 2021 |access-date=July 14, 2021}}{{cite news |last1=Slowey |first1=Kim |title=Procore files IPO paperwork with SEC |url=https://www.constructiondive.com/news/procore-files-ipo-paperwork-with-sec/573461/ |accessdate=26 March 2020 |work=ConstructionDive |date=4 March 2020}} Procore stock began trading under stock ticker PCOR on May 20, 2021 at $67 per share. The initial public offering raised $634.5 million.{{Cite news|title=Procore goes public, stock jumps 34%|url=https://www.pacbiztimes.com/2021/05/20/procore-goes-public-stock-jumps-25/|accessdate=11 June 2021|website=Pacific Coast Business Times|date=20 May 2021}} Following the IPO, the company was valued at nearly $11 billion. As of May 2021, the company has over 10,000 customers,{{cite web |title=Procore Technologies Aims to Digitize Construction. Its IPO Gained 31%. |url=https://www.barrons.com/articles/procore-technologies-ipo-construction-51621548747 |website=barrons.com |access-date=July 14, 2021}} and over 2 million users of its products in more than 150 countries.{{cite web |title=Construction tech firm Procore valued at $11 bln in solid market debut |url=https://www.reuters.com/technology/construction-software-firm-procores-shares-jump-25-market-debut-2021-05-20/ |website=reuters.com |access-date=July 14, 2021}}{{cite web |title=20VC: From Construction Worker to Billionaire CEO; The 21-Year Epic Journey of Procore to an $8.6BN Company, Advice from Tobi at Shopify on Being a Great CEO & Why The Idea of "Becoming an Entrepreneur" is BS with Tooey Courtemanche |url=https://www.thetwentyminutevc.com/tooey-courtemanche |website=20VC |date=December 3, 2023}}
Procore's main campus is on a 9-acre oceanfront property in Carpinteria, California.{{cite web|last1=Hoagland|first1=Ted|title=Carpinteria's Oceanfront CKE Campus Leases Filled in Fourth Quarter|url=http://www.noozhawk.com/homes_lifestyle/article/carpinterias_oceanfront_cke_campus_leases_filled_in_fourth_quarter|website=Noozhawk|publisher=Malamute Ventures|date=7 Jan 2016|accessdate=6 May 2016}} As of 2023, Procore had ten offices around the globe, including those in North America, Asia and Europe.{{cite web |last1=Llovio |first1=Louis |title=Construction software company to double Tampa workforce |url=https://www.businessobserverfl.com/news/2023/mar/31/construction-software-company-to-double-tampa-workforce/ |website=Business Observer |language=en |date=March 31, 2023}}{{cite web |last1=Brooks |first1=Steve |title=Procore opens first office in Middle East |url=https://www.enterprisetimes.co.uk/2022/09/29/procore-opens-first-office-in-middle-east/ |publisher=Enterprise Times |date=September 29, 2022}}{{cite web |url=https://www.bizjournals.com/austin/news/2023/10/06/procore-tower-high-rise-naming-chase-tower.html |title=Procore puts name atop Sixth Street office tower |website=American City Business Journals |date=October 6, 2023}} The company has around 4,000 employees.{{cite web |last1=James |first1=Marty |title=PGA Tour's Procore Championship: Kizzire wins by record 5 strokes in FedEx Cup Fall opener |url=https://napavalleyregister.com/article_d30a81ec-7403-11ef-b826-8b2d80ff54d2.html |website=Napa Valley Register |language=en |date=September 16, 2024}}
Investors and acquisitions
In 2014, Bessemer Venture Partners led a $15 million investment round.{{cite web|title=Bessemer Venture Partners backs Procore with 15m investment|url=https://www.altassets.net/private-equity-news/by-news-type/deal-news/bessemer-venture-partners-backs-procore-with-15m-investment.html|website=AltAssets|date=11 Jun 2014|accessdate=31 May 2016}} In 2015, the company raised an additional $30 million in a round led by Bessemer and Iconiq Capital. In 2015, the Wall Street Journal reported the company to be worth "$500 million post-money."{{cite web|last1=Chernova|first1=Yuliya|title=Startup Procore's Valuation Nears That of Public Competitor Textura|url=https://blogs.wsj.com/venturecapital/2015/12/31/startup-procores-valuation-nears-that-of-public-competitor-textura/|website=Wall Street Journal|date=31 Dec 2015|accessdate=5 May 2016}} In 2016, the company raised $50 million in a round led by Iconiq, reaching a $1 billion valuation.{{cite web |title=Procore Technologies Joins Billion-Dollar Startup Club |url=https://www.wsj.com/articles/procore-technologies-joins-billion-dollar-startup-club-1481230801 |website=wsj.com |access-date=July 16, 2021}} In 2018, the company raised an additional $75 million,{{cite web |title=Procore Technology Valued at $3 Billion |url=https://www.independent.com/2018/12/17/procore-technology-valued-3-billion/ |website=independent.com |date=17 December 2018 |access-date=July 16, 2021}} and in 2020, it raised over $150 million. In total, the company raised nearly $500 million from 2007 through its IPO in 2021.{{cite web |title=Procore Technologies funding rounds, valuation and investors |url=https://craft.co/procore-technologies/funding-rounds |website=craft.co |access-date=July 16, 2021}}
In July 2019, Procore acquired US project management software group Honest Buildings.{{cite news |last1=Alderson |first1=Lucy |title=Procure Technologies acquires Honest Buildings |url=https://www.egi.co.uk/news/procure-technologies-acquires-honest-buildings/ |access-date=14 July 2021 |work=Estates Gazette |date=17 July 2019}} In October 2020, it acquired US estimating software provider Esticom.{{cite news |last1=Rubenstone |first1=Jeff |title=Procore Acquires Esticom, Maker of Estimating Software |url=https://www.enr.com/articles/50502-procore-acquires-esticom-maker-of-estimating-software |access-date=14 July 2021 |work=ENR |date=27 October 2020}} Procore acquired construction artificial intelligence companies Avata Intelligence in 2020, and INDUS.AI in 2021.
Software
Procore provides end-to-end construction management software for owners, general contractors, and specialty contractors.{{cite web |last1=Krause |first1=Reinhardt |title=How Procore's CEO Built A Billion-Dollar Construction Software Business |url=https://www.investors.com/research/the-new-america/procore-stock-construction-software/ |website=Investor's Business Daily |date=March 21, 2024}} It has a unified platform with solutions for various phases of work—including preconstruction, project management, workforce management, and financial management—as well as analytics.{{cite web |title=Procore Technologies launches construction insurance brokerage |url=https://fintech.global/2023/03/22/procure-technologies-launches-construction-insurance-brokerage/ |website=FinTech Global |date=March 22, 2023}} Procore also connects to third-party integrations through its App Marketplace.{{cite web|last1=Anderson|first1=James|title=Procore Launches App Marketplace, Partner Program For Construction Industry|url=http://www.channelpartnersonline.com/news/2016/02/procore-launches-app-marketplace-partner-program.aspx|website=Channel Partners|publisher=Informa Exhibitions|date=24 Feb 2016|accessdate=6 May 2016}}
Procore uses AI in its platform.{{cite web |last1=Seward |first1=Jennifer |title=Procore Releases New AI Agents, Platform Integrations at Groundbreak |url=https://www.enr.com/articles/59869-procore-releases-new-ai-agents-platform-integrations-at-groundbreak |website=Engineering News-Record |language=en |date=November 21, 2024}} Two of the ways Procore is using AI are through Procore Copilot and Agents. Copilot is a generative AI tool that allows users to retrieve information from and summarize project documents. Procore Agents streamlines processes such as managing RFIs, scheduling, and submittals to automate tasks and reduce manual data entry. These AI tools support workflows across the full project lifecycle.
Philanthropy
Through Procore.org, the company has partnered with Habitat for Humanity and provides the Christian NGO "with unlimited use of Procore’s suite of products, including Project Management, Quality & Safety and Construction Financials as an in-kind donation."{{cite web |title=Procore.org provides construction software to Habitat for Humanity as part of new partnership |url=https://www.habitat.org/newsroom/2017/procoreorg-provides-construction-software-habitat-humanity-part-new-partnership |website=Habitat for Humanity |date=November 7, 2017}}
Procore.org has donated software to schools, in addition to helping women who are interested in the field of technology as it relates to construction.{{cite web |last1=Capkun |first1=Anthony |title=One of the “evangelists for the industry” – Procore’s Tooey Courtemanche |url=https://www.ebmag.com/one-of-the-evangelists-for-the-industry-procores-tooey-courtemanche/ |website=Electrical Business |date=June 24, 2022}}
In September 2024, Procore sponsored the PGA Tour event in Napa.
References
{{reflist}}
External links
- {{Official website|http://www.procore.com/}}
Category:Software companies based in California
Category:Business software companies
Category:Architectural communication
Category:Software companies of the United States
Category:2002 establishments in California
Category:Software companies established in 2002
Category:American companies established in 2002
Category:2021 initial public offerings
Category:Companies listed on the New York Stock Exchange
Category:Cloud computing providers
Category:Companies based in Santa Barbara County, California