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PROCORE TECHNOLOGIES GOING PUBLIC Featured

Construction software company Procore Technologies plans to go public. The rapidly growing company recently filed its form S-1 with the SEC.

Procore lost $83.2 million for the year ended December 31, compared to a loss of $56.7 million in 2018. Revenue for 2019 was $289.2 million, an increase of 55.2 percent from $186.4 million the prior year. And last year’s revenue was more than twice the $112.3 million in 2017. The company has built its revenue through organic growth and the acquisition of BIManywhere, Honest Buildings, and Construction BI. Procore markets project, resource and financial management software for all areas of the construction business and entered the prequalification market in September with the announcement of tests for prequalification and bid management products. In the S-1, Procore said it ended last year with 8,506 customers, up 39.6 percent from 6,095 in 2018. Revenue from outside the United States was 11.3 percent last year, rising from 10.1 percent in 2018. It has an office in Australia, two in Canada and one in England and opened an office in Mexico City, Mexico, in 2019. Procore said about 63 percent of the increased revenue came from existing customers.

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