Ryan Igo. Procore S-1 Filing Lists Risk Factors. 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. Procore Imports is a free, desktop software program that you can download and install on a computer running Windows 7 or higher. When Procore looked at going public in September, reports valued the company at $3 billion. First, Procore filed to go public after the worst week in the stock market since the 2008 crash. Procore provide a wide range of concrete drilling, breaking and cutting services throughout Ireland. Sign Up. Home; 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. 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. The company saw respective net losses of $83.1 million and $56.7 million. We use cookies to provide website functionality, to analyze our traffic, and to assist in our marketing efforts. Bloomberg Law was the first to report the filing. Managers at Wieland, a 61-year-old Michigan contracting firm that operates $325 million of projects a year, have used Procore … 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. In February 2020, Procore filed to go public, but the company subsequently delayed its IPO plans due to COVID-19. According to the global consulting firm McKinsey & Company, investors have poured more than $27 billion into the sector since 2008. This website uses cookies to improve your experience while you navigate through the website. (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. (1611052) SEC Filing S-1 IPO report for the period ending Saturday, August 29, 2020 A few reasons. HITT Contracting. The company had hired ten underwriters, including Goldman Sachs, JPMorgan, Barclays and Jefferies, for the proposed debut. 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. ". JP Morgan Securities will co-lead the offering, according to Friday’s filing. 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. Zillow Group included almost identical language in its 2011 S-1). Goldman Sachs is leading the IPO and Procore plans to trade on the New York Stock Exchange (NYSE) under the ticker “PCOR". A representative for Procore, based in Carpinteria, California, declined to comment on its IPO plans. Procore raised $75 million from Tiger Global Management in December 2018. In April, Procore raised more than $150 million at a valuation of about $5 billion and postponed its IPO, Bloomberg News reported. Necessary cookies are absolutely essential for the website to function properly. Its revenue for that year rose about 55% from 2018, according to its filing with the U.S. Securities and Exchange Commission. The company saw respective net losses of $83.1 million and $56.7 million. Uber and Lyft both tanked, and WeWork backed out at the last second. Procore was founded on January 17, 2002, with headquarters in Carpinteria, California. Privacy Policy Software Startup Procore Said to Cut 180 Jobs Ahead of 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. 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. We use Procore on every … It's designed to give individuals a convenient method for importing large sets of data to Procore. The filing lists $100 million as the value of the initial public offering, though this sum is a placeholder. 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. But as always, let’s look at the risks. Procore’s customers were starting to get much bigger. It is mandatory to procure user consent prior to running these cookies on your website. Procore Technologies, Inc., a provider of construction management software, filed its SEC S-1 form on February 28th, 2020. When Procore first looked at going public in September, big unicorn startups were failing. So the Procore IPO seems like a solid investment opportunity. Why do we care about this particular IPO? And Procore's customer service is the best we've ever experienced. 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. Now, after months of waiting, Procore announced it filed an S-1 form with the SEC for a Procore 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Since 2018, Procore has acquired four companies using $171.6 million in cash and stock. In the last one year, the company has already acquired 3 startups as part of its plan to widen its offerings through M & A. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. The filing lists $100 million as the value of the initial public offering, though this sum is a placeholder. 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 … Procore S-1 Filing Lists Risk Factors ‍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. In April, Procore raised more than $150 million at a valuation of about $5 billion and postponed its IPO, Bloomberg News reported. 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. 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. Procore is a software company that provides cloud-based construction management software. Investors Bloomberg the Company & Its Products The Quint. 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. On 28 February 2020, Procore filed documents with the U.S. Securities and Exchange Commission for a proposed initial public offering. Contact us to find out more. Software Startup Procore Said to Cut 180 Jobs Ahead of IPO. Video: These are America's 10 top trading partners (Fox Business). New to the Procore Developer Portal? But opting out of some of these cookies may have an effect on your browsing experience. Procore is a leading provider of cloud-based construction management software, headquartered in California, United States, but with offices all around the world. Cookie Notice. These cookies do not store any personal information. This category only includes cookies that ensures basic functionalities and security features of the website. Procore, a construction management software company based in Carpinteria, California, filed an S-1 with the U.S. Securities and Exchange Commission late Friday. By Staff Report / Monday, March 2nd, 2020 / Comments Off on Procore takes first steps toward filing for its IPO Print Email. 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 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. Skip to content. Last year, the company acquired Honest Buildings, an online platform that allows landlords and developers to oversee construction and repair projects. Below are a … Now, Procore looks to push that value to $4 billion with its IPO. In the past decade, interest in construction-focused tech has grown significantly. 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. So the Procore IPO seems like a solid investment opportunity. We also use third-party cookies that help us analyze and understand how you use this website. Procore recorded $289.2 million in revenue in 2019 and $186.4 million in 2018, according to the filing. Jim Landefeld. However, the company still has $121.8 million in cash and cash equivalents on its balance sheet. 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. We are having some technical difficulties. Procore Revenue and Opportunity. You also have the option to opt-out of these cookies. Bloomberg Law was the first to report the filing. The Procore Platform connects people, applications, and devices and construction firms manage risk and build quality projects safely, on time, and within budget. Procore helps us streamline our communication and allows us to provide a one stop shop for our team. Show full articles without "Continue Reading" button for {0} hours. CF Evans Construction. (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. It filed in February for an IPO, disclosing a net loss of $83 million on revenue of $289 million in 2019. Procore recorded $289.2 million in revenue in 2019 and $186.4 million in 2018, according to the filing. Procore had about 2,000 employees before the cuts, a spokesman said. Contact us to find out more. With Procore's Invoicing tool, your company can simplify the invoice collection, review, and approval process on all of your construction projects. Key features: Upload contacts, cost codes, locations, punch items, and submittals to Procore in batches. 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. M - 087 206 5821 | info@procore.ie. It filed in February for an IPO, disclosing a … Procore provide a wide range of concrete drilling, breaking and cutting services throughout Ireland. But as always, let’s look at the risks. The company could reportedly be worth more than $4B, Procore CEO Craig “Tooey” Courtemanche Jr. (Credit: Boardroom Insiders, iStock). 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. Procore’s investors include Iconiq Strategic Partners and Bessemer Venture Partners, among other backers. The Real Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry. These cookies will be stored in your browser only with your consent. The filing lists $100 million as the value of the initial public offering, though this sum is a placeholder. “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. By clicking Subscribe you agree to our Privacy Policy. Construction tech startup Procore plans to go public, a move that could reportedly push the company’s value north of $4 billion. 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. 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. Please Allow Javascript and reload this page. The IPO filing gives a lot of background about Procore’s finances. A representative for the company said the exact timing and terms of the IPO have not yet been set. Try again later. 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 Invoices that once took days to complete, can now be processed in a few minutes using Procore's paperless invoice management features. Its other investors include Dragoneer Investment Group and Iconiq Capital. The Procore IPO may come out this year or early half of 2020. For full functionality of this site it is necessary to enable JavaScript. 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. 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. The filing touts a 40 percent jump in customers from 2018 to 2019, when the company saw its clients increase to 8,506. 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. Saw its clients increase to 8,506 from 2018 to 2019, when the company hired! Procore looks to push that value to $ 4 billion with its IPO plans, but the acquired... 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