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PROCORE’S ENTERPRISE BIZ GROWS Featured

 Enterprise-level customers represent an increasing part of the business of Procore Technologies, CEO Tooey Courtemanche said during the company’s recent webcast for earnings for the year ended December 31.

About half of our ARR (annual recurring revenue) comes from the enterprise and about half o that comes from expansion,” Courtemanche said. The construction software company reported that there were 62 organic customers that each contributed more than ARR for 2023, a 32-percent increase year-over-year. There were also 2,008 organic customers contributing more than $100,000 in ARR, up 27 percent over the prior year. “Twenty twenty-three was disappointing compared to twenty twenty-two,” Courtemanche said. While customers grew more conservative in their expectations for growth, “The conversation with all stakeholders and geographies are largely positive,” he said. Procore lost $189.7 million for the most recently ended year, an increase of 33.8 percent from a loss of $286.9 million the prior year. Revenue grew 31.9 percent to slightly more than $950 million for 2023, compared to $720.2 million for 2022.

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