Procore Technologies, Inc. (1611052) SEC Filing S-1 IPO report for the period ending Saturday, August 29, 2020 We also use third-party cookies that help us analyze and understand how you use this website. Jim Landefeld. Uber and Lyft both tanked, and WeWork backed out at the last second. Procore Imports is a free, desktop software program that you can download and install on a computer running Windows 7 or higher. Contact us to find out more. In April, Procore raised more than $150 million at a valuation of about $5 billion and postponed its IPO, Bloomberg News reported. Last year, the company acquired Honest Buildings, an online platform that allows landlords and developers to oversee construction and repair projects. Construction tech startup Procore plans to go public, a move that could reportedly push the company’s value north of $4 billion. A representative for Procore declined to comment on the planned IPO. The filing touts a 40 percent jump in customers from 2018 to 2019, when the company saw its clients increase to 8,506. The Procore Platform connects people, applications, and devices and construction firms manage risk and build quality projects safely, on time, and within budget. First, Procore filed to go public after the worst week in the stock market since the 2008 crash. Try again later. A representative for the company said the exact timing and terms of the IPO have not yet been set. In the last one year, the company has already acquired 3 startups as part of its plan to widen its offerings through M & A. Ryan Igo. Procore S-1 Filing Lists Risk Factors. The Real Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry. Video: These are America's 10 top trading partners (Fox Business). When Procore looked at going public in September, reports valued the company at $3 billion. Procore provide a wide range of concrete drilling, breaking and cutting services throughout Ireland. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Necessary cookies are absolutely essential for the website to function properly. Procore provide a wide range of concrete drilling, breaking and cutting services throughout Ireland. M - 087 206 5821 | info@procore.ie. Procore S-1 Filing Lists Risk Factors Procore recorded $289.2 million in revenue in 2019 and $186.4 million in 2018, according to the filing. The company saw respective net losses of $83.1 million and $56.7 million. Procore had about 2,000 employees before the cuts, a spokesman said. Procore lists $100 million as its IPO placeholder raise, intends to list on the NYSE as PCOR and its debut is being underwritten by Goldman, J.P. Morgan, Barclays and Jefferies. Show full articles without "Continue Reading" button for {0} hours. Round-up of top news and topics for each of the following cities: Editorially-curated headlines and news to know for the following areas: The numbers behind office leases, retail, sales and financing. In April, Procore raised more than $150 million at a valuation of about $5 billion and postponed its IPO, Bloomberg News reported. ‍Company Overview ‍Procore Technologies, the leading cloud-based construction management software provider, filed for a $100M IPO.Per usual, the $100M figure is a placeholder and is likely to rise significantly by the time the company prices their IPO. Filed 2020-02-28: For IPO Boutique's "scale of 1 to 5" BUY rating on Procore Technologies, Inc., and our comprehensive analysis, click "Buy Market Research. So the Procore IPO seems like a solid investment opportunity. ". But as always, let’s look at the risks. Invoices that once took days to complete, can now be processed in a few minutes using Procore's paperless invoice management features. But as always, let’s look at the risks. Single-family housing starts now at 2007 bubble level, Compass re-ups agent equity program as IPO looms, Airbnb now targeting $42B valuation for IPO, Amid bleak jobs report, gains in construction and warehousing, Housing drives rise in construction spending October, Why Compass is going public now — and the obstacles it faces, NYC carpenters union changes how it roots out mob ties, L+M in deal with union laborers to cut wages on affordable projects. By clicking Subscribe you agree to our Privacy Policy. Procore is a software company that provides cloud-based construction management software. This website uses cookies to improve your experience while you navigate through the website. Bloomberg Law was the first to report the filing. Below are a … Procore, provider of construction management software, files for IPO, reveals revenue of $289.2M in 2019, up 55% YoY, on net loss of $83.1M vs. $56.7M in 2018 — Late Friday afternoon, construction management software provider Procore Technologies filed … Come to think of, M & A is pretty rampant in the construction technology industry. Key features: Upload contacts, cost codes, locations, punch items, and submittals to Procore in batches. Procore, a construction management software company based in Carpinteria, California, filed an S-1 with the U.S. Securities and Exchange Commission late Friday. New to the Procore Developer Portal? But as with many startups, the company cautioned that it’s “not certain whether or when we will be able to achieve or sustain profitability in the future.” (Similar language was included in IPO filings for WeWork, which ultimately abandoned its plans to go public, as well as Uber and Lyft. Investors However, the company still has $121.8 million in cash and cash equivalents on its balance sheet. Why do we care about this particular IPO? So the Procore IPO seems like a solid investment opportunity. Procore counts some of the city’s largest developers and contractors, including Brookfield Properties and Turner Construction, among its clients. It is mandatory to procure user consent prior to running these cookies on your website. HITT Contracting. According to the filing, Craig “Tooey” Courtemanche Jr., Procore’s president and CEO, founded the company in 2002 after becoming frustrated by the lack of transparency surrounding construction work at his home. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information. When Procore first looked at going public in September, big unicorn startups were failing. A representative for Procore, based in Carpinteria, California, declined to comment on its IPO plans. The filing lists $100 million as the value of the initial public offering, though this sum is a placeholder. We use cookies to provide website functionality, to analyze our traffic, and to assist in our marketing efforts. Procore’s investors include Iconiq Strategic Partners and Bessemer Venture Partners, among other backers. By Staff Report / Monday, March 2nd, 2020 / Comments Off on Procore takes first steps toward filing for its IPO Print Email. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Zillow Group included almost identical language in its 2011 S-1). Construction management software provider Procore is moving ahead with its long-discussed plans for an initial public offering of its common stock, filing an S-1 form with the Securities & Exchange Commission on Feb. 28. According to its filing, Procore had revenues of $289.2 million in 2019, but recorded a net loss of $83.1 million; its platform had 1.3 million users at the end of 2019. Contact us to find out more. It offers Procore, a cloud-based construction project management software solution to manage vital project data and Procore Mobile, a mobile construction application that enables users to review, create, edit, and share project data with team members from Procore filed confidentially for an IPO in November 2019 and, in February 2020, officially revealed paperwork with a USD 100.00 million placeholder to go public on the New York Stock Exchange. The company said in a blog post Tuesday, which confirmed an earlier Bloomberg News report, that it was cutting a “single-digit percentage” of jobs at the company. Its other investors include Dragoneer Investment Group and Iconiq Capital. Sign Up. Procore posted a net loss of $83 million on revenue of $289 million in 2019, according to its filing Friday with the U.S. Securities and Exchange Commission. In the past decade, interest in construction-focused tech has grown significantly. CF Evans Construction. You also have the option to opt-out of these cookies. “Getting information about something as simple as what work had been completed or how the budget was changing as project plans evolved was surprisingly difficult,” the filing recounts. Procore Revenue and Opportunity. On Friday last week, Procore filed it’s S-1 for a $100m IPO - hopefully the first of a number of high quality SaaS businesses that will go public in 2020. Since 2018, Procore has acquired four companies using $171.6 million in cash and stock. Software Startup Procore Said to Cut 180 Jobs Ahead of IPO. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The Procore design logo, “Procore,” “Procore Technologies,” and our other registered or common law trademarks, service marks, or trade names appearing in this prospectus are the property of Procore Technologies, Inc. Other trade names, trademarks, and service marks used in this prospectus are the property of their respective owners. Now, after months of waiting, Procore announced it filed an S-1 form with the SEC for a Procore Ipo. Now, Procore looks to push that value to $4 billion with its IPO. Procore helps us streamline our communication and allows us to provide a one stop shop for our team. Please Allow Javascript and reload this page. Cookie Notice. On 28 February 2020, Procore filed documents with the U.S. Securities and Exchange Commission for a proposed initial public offering. These cookies will be stored in your browser only with your consent. Privacy Policy Back in September, Bloomberg News reported that Procore had tapped Goldman Sachs Group to lead its expected IPO, which could value the company at more than $4 billion. With Procore's Invoicing tool, your company can simplify the invoice collection, review, and approval process on all of your construction projects. The IPO filing gives a lot of background about Procore’s finances. For full functionality of this site it is necessary to enable JavaScript. The filing lists $100 million as the value of the initial public offering, though this sum is a placeholder. The Procore IPO may come out this year or early half of 2020. According to the global consulting firm McKinsey & Company, investors have poured more than $27 billion into the sector since 2008. A few reasons. In February 2020, Procore filed to go public, but the company subsequently delayed its IPO plans due to COVID-19. Procore recorded $289.2 million in revenue in 2019 and $186.4 million in 2018, according to the filing. We are having some technical difficulties. Procore lists $100 million as its IPO placeholder raise, intends to list on the NYSE as PCOR and its debut is being underwritten by Goldman, J.P. Morgan, Barclays and Jefferies. We use Procore on every … Bloomberg Law was the first to report the filing. Skip to content. All rights reserved © 2020 The Real Deal is a registered Trademark of Korangy Publishing Inc. Software Startup Procore Said to Cut 180 Jobs Ahead of IPO. And Procore's customer service is the best we've ever experienced. It's designed to give individuals a convenient method for importing large sets of data to Procore. Bloomberg the Company & Its Products The Quint. Procore recorded net losses of $83.1 million in 2019 and $56.7 million in 2018, according to its March filing, on respective revenues of $289.2 million and $186.4 million. (Bloomberg) -- Procore Technologies Inc., a construction software startup that filed to go public this year, has cut about 180 jobs, according to a person familiar with the matter. In 2019, revenues were US$289.2 million , up from US$186.4 million in 2018 and US$112.3 million in 2017; the company recorded net losses for all three years: US$55.5 million in 2017; US$56.7 million in 2018; and US$83.1 million in … (Bloomberg) -- Procore Technologies Inc., a construction software startup that filed to go public this year, has cut about 180 jobs, according to a person familiar with the matter. Procore Technologies, Inc., a provider of construction management software, filed its SEC S-1 form on February 28th, 2020. But opting out of some of these cookies may have an effect on your browsing experience. Procore, a construction management software company based in Carpinteria, California, filed an S-1 with the U.S. Securities and Exchange Commission late Friday. Procore could still go public this year or early next year, said the person familiar with the matter, who asked not to be identified because details of its plans aren’t public. Procore was founded on January 17, 2002, with headquarters in Carpinteria, California. Managers at Wieland, a 61-year-old Michigan contracting firm that operates $325 million of projects a year, have used Procore … The company saw respective net losses of $83.1 million and $56.7 million. The filing lists $100 million as the value of the initial public offering, though this sum is a placeholder. Procore’s customers were starting to get much bigger. It filed in February for an IPO, disclosing a net loss of $83 million on revenue of $289 million in 2019. Procore first filed initial paperwork for the IPO in February, then opted for a round of private funding, raising above $150 million at a valuation of $5 billion, according to Bloomberg. Construction tech startup Procore plans to go public, a move that could reportedly push the company’s value north of $4 billion. Its revenue for that year rose about 55% from 2018, according to its filing with the U.S. Securities and Exchange Commission. The company had hired ten underwriters, including Goldman Sachs, JPMorgan, Barclays and Jefferies, for the proposed debut. The company could reportedly be worth more than $4B, Procore CEO Craig “Tooey” Courtemanche Jr. (Credit: Boardroom Insiders, iStock). Back in September, Bloomberg News reported that Procore had tapped Goldman Sachs Group to lead its expected IPO, which could value the company at more than $4 billion. Procore raised $75 million from Tiger Global Management in December 2018. Home; It filed in February for an IPO, disclosing a … For more articles like this, please visit us at bloomberg.com, Like us on Facebook to see similar stories, New York City changes admissions at many schools to ease racial segregation, Dr Jill Biden says op-ed attack a surprise – but won't let president-elect fight back. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. JP Morgan Securities will co-lead the offering, according to Friday’s filing. Goldman Sachs is leading the IPO and Procore plans to trade on the New York Stock Exchange (NYSE) under the ticker “PCOR". Procore is a leading provider of cloud-based construction management software, headquartered in California, United States, but with offices all around the world. Data, and submittals to Procore for importing large sets of data to Procore not yet been set Morgan! Your consent online platform that allows landlords and developers to oversee construction repair! 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