Bloomberg the Company & Its Products The Quint. Now, after months of waiting, Procore announced it filed an S-1 form with the SEC for a Procore Ipo. Procore provide a wide range of concrete drilling, breaking and cutting services throughout Ireland. 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. 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 … Show full articles without "Continue Reading" button for {0} hours. Its other investors include Dragoneer Investment Group and Iconiq Capital. 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. Home; 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. Procore S-1 Filing Lists Risk Factors. This category only includes cookies that ensures basic functionalities and security features of the website. Jim Landefeld. Goldman Sachs is leading the IPO and Procore plans to trade on the New York Stock Exchange (NYSE) under the ticker “PCOR". 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. It is mandatory to procure user consent prior to running these cookies on your website. On 28 February 2020, Procore filed documents with the U.S. Securities and Exchange Commission for a proposed initial public offering. We use Procore on every … In the past decade, interest in construction-focused tech has grown significantly. Investors Since 2018, Procore has acquired four companies using $171.6 million in cash and stock. The filing lists $100 million as the value of the initial public offering, though this sum is a placeholder. This website uses cookies to improve your experience while you navigate through the website. Managers at Wieland, a 61-year-old Michigan contracting firm that operates $325 million of projects a year, have used Procore … “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 recorded $289.2 million in revenue in 2019 and $186.4 million in 2018, according to the filing. Uber and Lyft both tanked, and WeWork backed out at the last second. (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. The IPO filing gives a lot of background about Procore’s finances. 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. Procore provide a wide range of concrete drilling, breaking and cutting services throughout Ireland. In April, Procore raised more than $150 million at a valuation of about $5 billion and postponed its IPO, Bloomberg News reported. Procore was founded on January 17, 2002, with headquarters in Carpinteria, California. A few reasons. We also use third-party cookies that help us analyze and understand how you use this website. Try again later. Why do we care about this particular IPO? 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. By clicking Subscribe you agree to our Privacy Policy. Software Startup Procore Said to Cut 180 Jobs Ahead of IPO. 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. By Staff Report / Monday, March 2nd, 2020 / Comments Off on Procore takes first steps toward filing for its IPO Print Email. According to the global consulting firm McKinsey & Company, investors have poured more than $27 billion into the sector since 2008. The Procore Platform connects people, applications, and devices and construction firms manage risk and build quality projects safely, on time, and within budget. 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. Privacy Policy Last year, the company acquired Honest Buildings, an online platform that allows landlords and developers to oversee construction and repair projects. Contact us to find out more. Procore helps us streamline our communication and allows us to provide a one stop shop for our team. Procore is a leading provider of cloud-based construction management software, headquartered in California, United States, but with offices all around the world. 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. Procore counts some of the city’s largest developers and contractors, including Brookfield Properties and Turner Construction, among its clients. 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. Procore raised $75 million from Tiger Global Management in December 2018. Come to think of, M & A is pretty rampant in the construction technology industry. 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’s investors include Iconiq Strategic Partners and Bessemer Venture Partners, among other backers. A representative for the company said the exact timing and terms of the IPO have not yet been set. But as always, let’s look at the risks. Skip to content. Please Allow Javascript and reload this page. Construction tech startup Procore plans to go public, a move that could reportedly push the company’s value north of $4 billion. In April, Procore raised more than $150 million at a valuation of about $5 billion and postponed its IPO, Bloomberg News reported. Cookie Notice. Procore Technologies, Inc. (1611052) SEC Filing S-1 IPO report for the period ending Saturday, August 29, 2020 It filed in February for an IPO, disclosing a … For full functionality of this site it is necessary to enable JavaScript. A representative for Procore declined to comment on the planned IPO. Procore, a construction management software company based in Carpinteria, California, filed an S-1 with the U.S. Securities and Exchange Commission late Friday. CF Evans Construction. Procore Technologies, Inc., a provider of construction management software, filed its SEC S-1 form on February 28th, 2020. Sign Up. Procore Imports is a free, desktop software program that you can download and install on a computer running Windows 7 or higher. Procore had about 2,000 employees before the cuts, a spokesman said. 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. Procore is a software company that provides cloud-based construction management software. Necessary cookies are absolutely essential for the website to function properly. 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. When Procore looked at going public in September, reports valued the company at $3 billion. We are having some technical difficulties. Video: These are America's 10 top trading partners (Fox Business). All rights reserved © 2020 The Real Deal is a registered Trademark of Korangy Publishing Inc. 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.